Here's how they will spin it:
"You voted for us because we told you we're the Tax Cut party, and gosh-darn it, we still really want to be. But Standard and Poors were going to push our cost of borrowing up half a billion if we didn't drop the Tax Cuts and the super fund contributions, so we had to ditch them. Sorry about that."
My question remains: weren't Tax Cuts supposed to be a growth engine? And isn't a growth engine what we need as the jobs dry up and the banks take back the houses?
Perhaps now we can start talking about growth engines that actually work.