In 1990, President George H. W. Bush was promised two dollars in spending cuts for every one dollar in tax hikes. He fell for the bait and violated his Pledge to not raise taxes. After a $137 billion tax hike, spending actually rose by $22 billion.
As a reminder, he regretted breaking his Pledge to oppose higher taxes after he realized he got tricked into letting it happen. In 1992 a reporter asked him if the tax hike was a mistake. Bush replied:
“I thought this one compromise — and it was a compromise — would result in no more tax increases. I thought it would result in total control of domestic discretionary spending. And now we see Congress talking about raising taxes again. So I’m disappointed, and given all of that, yes, a mistake.” — President George H.W. Bush, March 4, 1992