Greg Mankiw reminds us via a news article from 1993 what happened the last time a Democratic president promised a middle class tax cut. Eerily similar to today's situation. From 1993:
"in the weeks since his election, two things have changed. The government's estimate of growth of the federal budget deficit over the next five years has grown about $60 billion. Also, the new team of Clinton economic advisers has apparently made new calculations and concluded that the tax cut idea is not tenable if Mr. Clinton wants to reduce the deficit and also move ahead with an "investment" program to revive the economy."