No, they won't. Spending can and should be controlled, instead of taxes being raised. Combine that with a stimulated economy with lower taxes providing more revenue than one stifled by higher taxes.
If a re-elected President Bush raises taxes, the GOP will be pounded in 2008. If he lets the deficit and spending continue to spiral, he'll likely get the same result. The only real solution for him, then, is to control spending (which many of us wonder if he can do).
But we all know what the Dem Presidential candidates (Joe Lieberman excepted) will do. Raise taxes.