Quote Originally Posted by tony
The housing market began to crash in 05/06, the Deficit increased under Bush's first term. (Before 2006) Actually there was a Economic BOOM up until that point, which should have easily led to a fiscal balance and/or surplus.

Show me a point in time where there was a drastic tax CUT but a decrease in federal debt. The two notable tax cuts I remember are during the Reagan administration and under Bush.. both resulted in record deficits.
The deficit increased under Bush not cause of tax cuts, but because of the retarded wasteful spending by Bush, particularly in Iraq/Afghanistan.