"Read my lips: no new taxes."
That pledge was the centerpiece of Bush's acceptance address, written by speechwriter Peggy Noonan, for his party's nomination at the 1988 Republican National Convention. It was a strong, decisive, bold statement, and you don't need a history degree to see where this is going. As presidents sometimes must, Bush raised taxes. His words were used against him by then-Arkansas Governor Bill Clinton in a devastating attack ad during the 1992 presidential campaign.