This brings us to the most important chapter in President Bush's budget, the one entitled "Stewardship." Buried in an appendix volume where reporters are unlikely to notice it, the chapter paints a chilling picture of long-term budgetary trends. It shows federal spending rising from about 20 percent of gross domestic product this year to 53 percent in 2080. Much of this comes from interest on the debt, which rises by 20 percent of GDP. But this is because the budget assumes that taxes will not rise to finance rising entitlement spending. In all likelihood, taxes will rise sharply at some point. It is completely unrealistic to think that federal taxes will remain close to 20 percent of GDP for the next 75 years....The budget itself admits that these trends are "unsustainable." Since Congress will never reduce benefits to retirees, the only way to make the trends sustainable is by raising taxes significantly.
www.nationalreview.com/nrof_bartlett/bartlett200402090843.asp
My post dealt with tax increases; not with tax cuts.