So increasing taxes and decreasing spending leads to a deficit?
The sad part: Democrats got their tax increases, taking more out of the private sector, thus decreasing the size of the private sector.
Tax increases, especially on investors and small businesses, also hurt economic growth in more than one way.
1) By taking more money out of the economy that could otherwise have been spent on growing a business and hiring workers; and
2) By changing the incentives against productive work and investment, which slows growth over the long term.