That is what conservatives do, Machjo. They are ideologically committed to tax cuts (if they favour the rich, all the better). The only sensible way to pay for tax cuts is by spending cuts. But while tax cuts prove to be popular, spending cuts prove to be unpopular. There is usually a political price to pay for spending cuts.
So tax cuts must be done for ideological reason, but we can’t have spending cuts, that may be politically damaging. The only alternative left is to borrow the money and run up huge debt and deficit. The love affair between conservatives and budget deficit is not a coincidence, there is a very good reason for it.
And it goes back all the way to Reagan, who enacted tax cuts and borrowed money to pay for them. Bush did the same thing, he blew away all of Clinton surplus for the tax cuts, many of them favoring the rich. Harper here did the same thing.
That is what I like about Liberals, they do not hesitate to raise taxes if they think it is needed, and are willing to face the consequences. When Clinton came to power, the first thing he did was to raise the taxes (to get rid of the deficit). The tax increase barely squeaked through the House (I think the Speaker had to cast tie breaking vote). The tax increase lost Democrats the Senate and House in 1994, but the tax increase stayed in place, and it contributed substantially in getting rid of the deficit.
McGuinty did the same thing here in Ontario. After the election it turned out that Cons were lying trough their teeth and the deficit was 6 billion $, and not 2 billion $. McGuinty promptly broke his promise and raised taxes. But since he did succeed in getting rid of the deficit, he did not pay any political price, votes rewarded him with another, increased majority (two back to back majorities, a feat unheard of for Liberals). But if he had not been able to get rid of the deficit, Liberals would have been decimated at the election.
Liberals have the courage of their conviction. But conservatives usually take the easy way out, they cut taxes and borrow the money. They accuse left of ‘tax and spend’, but the philosophy of the right can accurately be described as ‘borrow and spend’.