The analysts now have realized that those 2001-2003 tax cuts, and then the 2010 extension, along with everything else that has happened since (two wars, the worst recession in almost a century, etc.) have resulted in a major component of the deficit we now have and which is growing exponentially.

But I must comment on this part of your statement. Bush and Cheney never wrote in any triggers because they never wrote the law. The Congress wrote the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, not anyone in the White House. I certainly wouldn't suggest that the President didn't offer words of encouragement for the bills, but he certainly didn't write them. The people to blame, if blame is the game, are the members of the U.S, Congress.