Move over, Holy Spirit. Your place in the Holy Trinity is about to be supplanted by a stronger article of faith in Republican Theology: the worship of the Holy Tax Cut, as inspired by Saint Ronnie. But would Reagan approve this?

As Congress prepares to take up extension of the Bush tax cuts during its lame duck session, Republican lawmakers have been unanimous in demanding that the cuts for the richest two percent of Americans be extended, claiming they are necessary for economic growth and that tax cuts (miraculously) pay for themselves.

While independent economists have shown these arguments to be false, today on CNN’s Fareed Zakaria GPS, President Reagan’s former budget director took on his own party for pushing this faulty logic. David Stockman, who led the all-important Office of Management and Budget under Reagan and was a chief architect of his fiscal policy, criticized today’s GOP for misreading Reagan’s legacy by adopting a “theology” of tax cuts… [emphasis added]

Inserted from <Think Progress>

Here’s the video.