Not only has Bush not cut spending along with cutting taxes, he's actually increased spending *a lot*, so the taxes will just be paid by future taxpayers rather than current ones. Sure there are economic theories which justify this (some kind of Keynesianism or something), but even if you accept those theories, this is still a bit much. Most likely it's just playing politics; the voters like tax cuts and also their pet programs, so Bush gives them both. This also makes it more difficult for the next Democrat (whoever and whenever) to spend a large deficit. Bush won't be president anymore when the sh*t hits the fan anyway.
By the way, DF, great blog. It also helps me practice my French. :-)