IS A TAX RESTORATION POSSIBLE?

Perhaps the GAO is trying to tell Bush something:

GAO Says Tax Cuts Aren't Economically Viable
By David Lawder, Reuters

WASHINGTON (Sept. 22) - Tax breaks such as deductions for home mortgage interest and state and local taxes cost the federal government $728 billion last year and need to be reexamined, the Government Accountability Office said in a new report on Friday.
Comptroller General David Walker, who heads the agency, said the government must look at ways to rein in the growth of so-called tax expenditures if it is to avoid huge fiscal deficit problems in future years.
"We're on an imprudent, unsustainable fiscal path," Walker told a news conference. "The status quo is not an option and we're not going to grow our way out of this problem and the sooner we get started the better."

Earlier this year, the Center for Budget and Policy Priorities chimed in:

The new CBO data show that changes in law enacted since January 2001 increased the deficit by $504 billion in 2005. In the absence of such legislation, the nation would have a surplus this year. Tax cuts account for practically half - 49 percent - of this $504 billion in increased costs. Increases in program spending make up the other 51 percent and have been primarily concentrated in defense, homeland security, and international affairs.
A growing number of studies from highly respected institutions and economists have concluded that the negative effect on long-term growth of the increased deficits that the tax cuts are generating is likely to cancel out - and quite possibly to outweigh - any positive effects on long-term growth from reductions in marginal tax rates and other tax incentives in the 2001 and 2003 tax-cut packages. Stated simply, the tax cuts are more likely to reduce long-term growth than to increase it.