Eugene Regan (Fine Gael)

It is a cop out. There are at least 100 people involved in different Departments in preparing the Estimates for 2009 and the 2010 budget. It will take all of next year for these part-time experts to advise the Government on what decisions it should be taking. The fact is we need instant, decisive action and the response is entirely inadequate.

What this highlights is that the 2009 budget was rushed. The Government should have waited for the November returns because at least 20% of Irish tax is collected in that month. It should not have rushed into a national agreement that will cost an extra €2 billion. The lack of precision in assessing the finances and the Estimates is affecting the cost of borrowing for this country. This is highlighted by Mr. Colm McCarthy, the chairman of the new board that will examine cost-cutting measures, when he shows that the cost of borrowing in short-term bonds for the Government is 1.2 percentage points above that of Germany. The Government's actions are jeopardising our ability to borrow the funds required to balance the books and to provide a basis for going forward. I look forward to the debate on this matter on Friday.

On another issue, the Taoiseach stated he will brief EU leaders on the Lisbon plan. That is all well and good but would it not be more appropriate that the Taoiseach or his Ministers would first brief this House and the Lower House on his plan for Lisbon? This is an important national decision. To make that decision without a consensus in these Houses with regard to Brussels shows a disrespect for the Oireachtas.