Brendan Howlin (Wexford, Labour)

The Deputy wills misfortune on us because she thrives in that milieu. I will be clear: the basic economics are simple; we cannot spend more than we take in. We were doing this hand over fist. This year we are borrowing 8.6% of GDP to meet day-to-day expenses. Approximately one quarter goes towards bank debt repayment, but three quarters goes on paying gardaí, nurses and so on. The only people who will lend us money at affordable rates are the troika which has set out the conditions we must work towards in balancing the budget over time. If we do as the Deputy suggests and stop trying to balance the budget, we will immediately have to fill the gap because nobody will lend us the money. Instead of enduring cuts, there would be savagery, as we would only be able to pay for what we could from current income. That would be catastrophic for the people whom the Deputy pretends to represent. In her heart, she knows this.

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