In his speech Monday night Mr. Obama quoted Mr. Reagan speaking August 11, 1982 in Billings. Montana: "Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer." At that time Mr. Reagan had reluctantly agreed to a deal in which the Democratic Congress promised to reduce spending by $3 for every $1 in new revenue. But this Faustian bargain only demonstrates why House Speaker John A. Boehner, Ohio Republican, is holding the line on taxes today. During the Reagan years, Congress went ahead and imposed the agreed-on taxes but quickly broke the spending-cut pledge and instead pursued even greater budget increases. As Reagan later lamented, "Congress never cut spending by even one penny."
http://www.washingtontimes.com/news/2011/jul/25/hijacking-reagan/
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