The coalition government's response to the global financial crisis has been to follow a singular
path of deficit reduction over the next 4 years.
Part
of the deficit reduction discussion revolves around reforming the tax code to increase the amount of revenue it generates, and simplify its complexities for a more business friendly environment.
«Under the
guise of deficit reduction, the House Republican Leadership is pursuing the most politically driven assault on women's health in American history.
The Liberal Democrats and Conservatives were able to agree on a bold
strategy of deficit reduction during the hung parliament negotiations of May 2010 because they were confident the pain and suffering of austerity would be behind them by 2015.
And because we can't know now what state the economy or the public finances will be in at the time of the next election: - we've been clear that we can't make promises today about reversing cuts or tax rises - and we've warned that further tough choices will be needed to clear up Osborne's mess and finish the job
of deficit reduction in the next parliament.
We have therefore agreed that there will need to be: - a significantly accelerated reduction in the structural deficit over the course of a Parliament, with the main burden
of deficit reduction borne by reduced spending rather than increased taxes; - arrangements that will protect those on low incomes from the effect of public sector pay constraint and other spending constraints; and - protection of jobs by stopping Labour's proposed jobs tax.
As part
of the Deficit Reduction Act of 2005, President George W. Bush authorized federal funding for responsible fatherhood and healthy marriage programs.
Not only do they share the same set of economic assumptions (those of CBO), but they both place the heaviest burden
of deficit reduction on discretionary spending, the category that includes R&D.
During his time as Labour leader, Miliband criticised then - Conservative Leader and Prime Minister David Cameron for «sacrificing everything on the
altar of deficit reduction», and has accused him of being guilty of practising «old politics», citing alleged broken promises on areas such as crime, policing, bank bonuses, and child benefit.
«In government at the time in 2009 I always accepted collective responsibility, but at the time in 2009 I thought the pace
of deficit reduction through spending cuts was not deliverable, I didn't think it could have been done.»
Marcus Jones, a Conservative, says before the general election Labour pledged to cut spending roughly in line with the coalition's current
rate of deficit reduction.
In light
of the Deficit Reduction Commission's final recommendations, NAR President Ron Phipps issued a statement Dec. 1, 2010, saying, in part, «Any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 %.»
There are still nearly three years to go until the next general election, but the ruthless logic
of deficit reduction makes the coalition parties» task much harder.
Similar to the House, the budget assumes $ 1.4 trillion of savings from economic growth, $ 178 billion of which they attribute to CBO's estimate of the economic
benefit of deficit reduction.
The FY 2017 budget resolution demanded only a paltry $ 2 billion
of deficit reduction over an entire decade; that's just $ 200 million per year when we are facing looming trillion - dollar deficits.
He was also keen to alleviate concerns - raised by a leaked letter from defence secretary Liam Fox - about the
effect of the deficit reduction plan on Britain's defence spending.
George Osborne offered up a spirited
defence of his deficit reduction plan today, referring to it as a «rock of stability» that will protect Britain from the global financial crisis.
The Institute for Fiscal Studies have already calculated that a faster
programme of deficit reduction would require # 8bn of extra spending cuts or tax rises over the parliament.
Messrs Huhne, Cable and Clegg may have been respectively difficult for their partners over AV, Beecroft and nearly everything, but they can not be accused of flinching from George Osborne's Plan A. Mr Huhne was a convinced
supporter of deficit reduction even before the election.
This kind of story is probably replicated in all different scales up and down the country and highlights that a strategy
of deficit reduction without a plan for growth can create a Japanese - style vicious circle.
... Especially since the Liberal Democrats and Miliband could patch up their differences on the speed of deficit reduction
One of their tables showed that if households are ranked by spending rather than income, the bottom 30 % of households are feeling more of the
pain of deficit reduction than the top 2 %.
Danny Alexander: Exceeding all expectations after replacing David Laws and George Osborne's number two, Danny Alexander has been effective at arguing in
favour of the deficit reduction strategy.
WASHINGTON (CNN)-- House Majority Leader Eric Cantor said Tuesday that President Barack Obama provided further details of his plans for entitlement reforms at the latest round
of deficit reduction talks at the White House.
The double dip recession is the nightmare scenario, not least because it will wreck the Chancellor's carefully calibrated arithmetic and make a
mockery of his deficit reduction plan.