Not during a war. Never in the history of the world before Lyndon Johnson has a government ever cut taxes while increasing their budgetary burden. That’s what Bush did.
Now, if he had cut domestic spending so that we were running a surplus during his term you mighht have a point. But he didn’t so you don’t.
The most important principle in running a government is keeping a balanced budget just as the most important principle in running a company is to ensure that your revenue can cover expenses.
At some point you do reach a point where cutting your price causes your revenue to go down. It is basic economics. Supply side economics as far as tax rates only work when the tax rates are above the equilibrium point. And even then, you should only spend as much as you take in and not a dime more.
And let's keep things in perspective. Compared to Obama’s $1.4 trillion dollar budget deficits, the Bush Admin averaged about a yearly $200 billion dollar budget deficit. And the last Republican Congress budget FY2007 only had a $160 billion dollar deficit.