Government spending in Japan is out of control, and the aggregate fiscal deficit would be catastrophic if it weren't for the extremely high domestic savings rate.

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The president needs to address the fiscal cliff as well as the out-of-control deficit.

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Now they are worried once more as the Pentagon prepares to implement a new deficit-control law in fiscal 2012, which begins on October 1 for the government.

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The fiscal situation is just about under control (the budget deficit should fall below 3.5% of GDP in 2013 or 2014 and the level of debt is below the euro-area average) and the constitution has been amended to set strict limits on future deficits.

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But they have a negative outlook on the rating and have warned that they could downgrade the rating if New Delhi didn't control its wide fiscal deficit.

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The central bank has been urging the government to first cut subsidies, which lend an artificial boost to demand, and control its fiscal deficit before it would go on to lower interest rates aggressively.

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The 2011 Budget Control Act, which raised the debt ceiling and created both the fiscal cliff and a Joint Select Committee on Deficit Reduction, which was supposed to find a way to steer clear of it, required four hundred and eighty-seven billion dollars in cuts to military spending, spread over the next ten years.

NEWYORKER: The Force