Hope you didn't make any spending plans for your tax cut

Just like Bill Clinton, Barack Obama lied when he talked about cutting taxes. Bill Clinton campaigned on a middle-class tax cut but abandoned the idea just weeks into office. And now so will Obama. (Unless you call increased welfare payments a tax cut.)

Similar to Clinton, Obama campaigned with much populist rhetoric excoriating deficits. This aversion to deficit spending has gone down quicker than a $5 crack whore. But are these historic deficits sustainable??

Byron York reports on a conference call with Budget Director, Peter Orszag.

The deficit issue could be one of the most, if not the most, consequential of Obama's unkept campaign promises. Just how consequential was made clear last week in a little-noticed conference call featuring Budget Director Peter Orszag. Orszag was trying to explain to reporters how the Obama administration calculated its rather rosy forecasts for economic growth. Near the end of the call, he was asked whether deficits along the lines of those predicted by the Congressional Budget Office are sustainable."

Orszag at first dodged the question, saying he was sure the final Obama budget will "reflect a fiscally sustainable path." But the questioner persisted: Are those deficits sustainable? Relenting, Orszag said such deficits, in the range of five percent of the Gross Domestic Product, "would lead to rising debt-to-GDP ratios in a manner that would ultimately not be sustainable."

The simple version of that is: If the Congressional Budget Office projections are correct, we're headed for hell in a handbasket.

Look folks, this is really simple. If a Democrat tells you they are cutting taxes, they're lying.