Why did congressional Republicans vote for a federal tax cut? Spending isn’t coming down and, in the short term at least, the effect will be to double the deficit. I’m guessing that their justification is the same as Ronald Reagan’s in the 1980s.

Cutting tax rates can lead, over time, to higher revenues. Although reducing the rate leaves an immediate hole in the budget, the increased economic activity that follows from letting people keep more of their earnings eventually fills that hole. As the Gipper amiably quipped, “I’m not worried about the deficit — it’s big enough to take care of itself.” By and large, it did.