Ruairi Quinn (Dublin South East, Labour)

I am glad the Sinn Féin Party met with the troika. I hope its members continue to meet such people; it might detach them from the voodoo economics they spout in here. The reality is no family, no small business and no country can run a permanent budget deficit. The cycle must be balanced over a period of time. Unfortunately, because the tax base of this country was destroyed when the boom economy went bust, revenues plummeted. As the Deputy knows, the gap between revenue and expenditure is still there and although it is narrowing, we must still reduce expenditure next year, no matter how we do it. The way it is to be done has not yet been engaged upon so I cannot answer hypothetical questions.

This Administration will try to move towards a budget deficit of 3% so we have a platform for a budget surplus. The last surplus was achieved in 1997 by this Administration.

See this speech in context