"Read my lips: no new taxes" was a famous phrase spoken by American Republican presidential candidate George H. W. Bush at the 1988 Republican National Convention in his acceptance speech on August 18. Written by speechwriter Peggy Noonan, the line was one of the most prominent soundbites from the speech. The impact of the pledge was considerable, and many believe it helped Bush win the 1988 United States presidential election. Once elected, however, Bush agreed to raise several taxes as part of a 1990 budget agreement. This has been attributed to a declining economy, ballooning budget deficits, and the need to compromise with the Democrat-controlled Congress. This reversal caused great controversy, especially in the more conservative wing of the Republican Party. In the 1992 presidential election campaign, Pat Buchanan made extensive use of the phrase in his surprisingly strong challenge to Bush in the Republican primaries. In the election itself, Bill Clinton also pointed to the quote as evidence of Bush's untrustworthiness, contributing to Bush losing his bid for reelection.

Read the rest of this article: http://en.wikipedia.org/wiki/Read_my_lips%3A_no_new_taxes

_______________________________ Today's selected anniversaries:

1881: The International Federation of Gymnastics, the world's oldest international sport federation, was founded in Liège, Belgium. (http://en.wikipedia.org/wiki/F%C3%A9d%C3%A9ration_Internationale_de_Gymnasti...)

1952: King Farouk of Egypt was forced to abdicate by army officers in the Free Officers Movement. (http://en.wikipedia.org/wiki/Farouk_of_Egypt)

1967: The 12th Street Riot began in the predominantly black inner-city area of Detroit, Michigan, United States. (http://en.wikipedia.org/wiki/12th_Street_riot)

1970: Qaboos (pictured) overthrew his father Said bin Taimur to become Sultan of Oman. (http://en.wikipedia.org/wiki/Qaboos_of_Oman)

1986: Sarah Ferguson married Prince Andrew at Westminster Abbey, joining the British Royal Family as the Duchess of York. (http://en.wikipedia.org/wiki/Sarah%2C_Duchess_of_York)

2001: Megawati Sukarnoputri became the first female president of Indonesia. (http://en.wikipedia.org/wiki/Megawati_Sukarnoputri)

_____________________ Wikiquote of the day:

"Down these mean streets a man must go who is not himself mean, who is neither tarnished nor afraid. The detective must be a complete man and a common man and yet an unusual man. He must be, to use a rather weathered phrase, a man of honor. He talks as the man of his age talks, that is, with rude wit, a lively sense of the grotesque, a disgust for sham, and a contempt for pettiness." -- Raymond Chandler (http://en.wikiquote.org/wiki/Raymond_Chandler)