From Greg Mankiw’s blog:

“President Obama’s budget chief hinted Wednesday that the president’s signature campaign issue — a middle-class tax cut — will not likely survive a budget battle with Democrats on Capitol Hill. On a conference call with reporters in advance of the president’s trip to the Hill to speak before the Senate Democratic caucus, Office of Management and Budget Director Peter Orszag indicated that, while 98 percent of the budget mark-ups in the House and Senate are on par with the administration’s budget blueprint, some campaign trail promises, like middle-class tax cuts, may get left on the cutting room floor.”

You will have to follow the link to his blog to see the historical irony in this one.