And singing the supply side gospel. Of course, things have not quite worked out according to plan since then:
http://www.factcheck.org/taxes/supply-side_spin.htmlAt the May 15 Republican presidential debate, Arizona Sen. John McCain was asked about his opposition to President’s Bush 2001 tax cuts. (Also, the senator voted against the 2003 tax cuts.)
Fox News Channel's Wendell Goler: Sen. McCain, you opposed President Bush’s 2001 tax cuts. Now you say you were wrong. How can you convince Republican voters you will push a Democratic Congress hard enough to make those tax cuts permanent, sir?
Sen. McCain: Well, first of all, I didn't say that I was wrong. I said that the reason why I opposed those tax cuts was because we didn't rein in spending.
And the fact is the tax cuts have dramatically increased revenues.
Earlier this year in a National Review interview published March 6, McCain said tax cuts in general created revenue gains:
National Review’s Ramesh Ponnuru: If you could get the Democrats to agree, or at least to come to the table on entitlements or on tax simplification, are those circumstances under which you'd be willing to accept a tax increase?
Sen. McCain: No; no.
Ponnuru: No circumstances?
Sen. McCain: No. None. None. Tax cuts, starting with Kennedy, as we all know, increase revenues. So what's the argument for increasing taxes? If you get the opposite effect out of tax cuts?
Other Republicans and administration officials, including the president, have made similar statements about the power of the 2001 and 2003 tax cuts. But McCain and his colleagues are not accounting for the decrease in revenue that accompanied the cuts.