Only in the late 1980's, when old-fashioned Republicans ganged up with liberal Democrats to resume the tax-and-spend policies of the past, did the economy run out of gas.

For too long, hardworking families have been forced to wait and see if tax-and-spend policies would turn this economy around; these policies clearly have come up short.

The Office of Management and Budget issued a statement saying the measure "embodies the irresponsible tax-and-spend policies this Administration has strenuously opposed."

Would you go with the President's brave new gamble or stick with the Speaker's failed tax-and-spend policies of the past?

Most recently he has defused the issue that probably cost Labor the last election - the fear that it would undermine prosperity with tax-and-spend policies.

The letter took some hard shots at their Democratic colleagues for being too liberal with tax-and-spend policies, a violation of our unwritten commitment to keep the governors' meetings bipartisan.

"Why would we want to go back to the tax-and-spend policies of eight years ago?"

Unfortunately, the President's tax-and-spend policies continue to have the opposite effect.

"I intend to fight his tax-and-spend policy every step of the way," said Senator Phil Gramm of Texas.

This report and the Stability and Growth Pact in the convergent programmes are clear evidence of the link between tax-and-spend policies and monetary policy.