Reagan cut taxes, then raised taxes when he (and the Congress) saw the cuts were blowing a hole in the budget.

http://krugman.blogs...eagan-taxes-jobs/
http://en.wikipedia....ility_Act_of_1982

The tax increases didn't hurt the economy and the deficit started to come down.

Clinton raised the top marginal rates (up to 39.6% for individuals, and up to 35% for corporations) and the deficit changed to a surplus (yes, it really was a surplus). http://en.wikipedia....ation_Act_of_1993 The economy under Clinton was the largest peace-time expansion in our history.

I think my version stands. FWIW.

Cheers,
Scott.