Brian Cowen (Laois-Offaly, Fianna Fail)

During a previous period of difficulty, we saw what happened when decisions were deferred and when borrowing and taxation on income, labour, etc., were increased. I am sure what was done during those periods represented a genuine attempt on the part of the then Government to deal with the situation as best it could. I do not minimise the problems faced by that Administration because times were difficult. However, that approach does not work.

It must be recognised that what we are doing is not a technical exercise. I am not trying to stabilise the public finances for the sake of doing so. It must be done because we are spending more than we are earning. Revenues decreased by €8 billion last year and will drop by a further €4 billion this year.

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