What seems to be happening though is that tax cuts were passed on the basis that the economic stimulation would substantially if not completely pay for them. The whole theory though has crashed and burned just like it did under Reagan. Supply side economics as they practise it doesn't work. Reagan had to raise taxes because it did work as did Poppy.

Imagine if you built a rocket like this, would you keep building them like this or would you change something? Supply side went splat like it always does.

Now Smirky's tried it and didn't work again. Each time it adds debt that is harder to pay back.
Shrinking some parts of government and reducing some taxes in selected areas may indeed be economically sound policy. These people aren't interested in shrinking anything because they're corporate socialists.

The article is pointing out (with some inaccuracies as RobVG noted) that the budget picture may be worse, and these deficit horrors may be looking on the bright side.