Martin Mansergh (Fianna Fail)

That is the effect it would have. If we put too much money into the economy we find that a year or two later we must cut back. We want steady progress rather than jerky, stop-go policies, particularly of the kind related to elections.

Many economists, having regard to economic cycles, argue that the Government should be running more of a surplus than it runs currently. Senator John Paul Phelan's argument ignores the macro-economic context of running an economy properly and prudently. Therefore, the case has not been made.