taxes will be necessary to get the federal budget deficit under control. >> on this day in tax history, june 26th, 24 years ago, president bush issued this statement that rocked the and as you've just seen, led the nightly news. it is clear to me that both the size of the deficit problem and the need for a package that can be enacted require all of the following, entitlement reform, tax revenue increases, growth incentives, orderly reductions in defense expenditures and budget process reform. it was, of course, a perfectly reasonable assessment of the situation, but it also required breaking a campaign promise, and not just any campaign promise, the most clear, absolute and memorable campaign promise of the decade, read my lips, no new taxes. the new tax package that