MICHAEL REAGAN: Ronald Reagan, my father, bought into it, said, 'Okay, deal.' Taxes went up. My father has been in his grave since 2004, still waiting, by the way, for those spending cuts to kick in. You might remember, just a few years later, George H.W. Bush, number 41, got in a compromise to 2-to-1. Two dollars of spending cuts for a dollar in new taxes. He went against his pledge of no new taxes and the Republicans got hung with it, and he got hung with it, especially in the 1992 election and lost to Bill Clinton.
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