Actually, to do what it sounds like you want to do there is a text warping tool in PS that’ll do just that, among other things.
Select you active text layer. Then, with the text tool selected, go to the text options bar at the top. Over to the right you’ll see a button icon that looks like a T with an arched curve under it. Click that and it’ll open up the warping tool.
Select any of the styles that you want. The control for distorting it the way you described actually can be applied to any of them, so just pick any to start. BEND, HORIZONTAL DISTORTION, and VERTICAL DISTORTION; those are the controls under each style. The Horizontal distortion slider will do what you want. You can set the bend to 0 if you don’t want any other kind of distortion along with it.
A nice thing about this tool is that it is applied to live text that you can continuously change in any way you normally would, and you can change or remove the warping at any time. Great for wavy text, circular, fake perspective, etc., with all the flexibility to edit what it says at any time.
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