Then, there is the emphasis the commission is now placing on the so-called structural budget deficit, a measure designed to express the underlying strength or weakness of the budget that irons out the impact of swings in growth.
And in order -- if you just wanted to cut the deficit to balance the budget, only on non-discretionary -- or on discretionary non-defense spending -- so if you wanted to exempt out all the entitlements, exempt defense, you'd have to cut all those other things by 60 percent -- 60 percent.
WHITEHOUSE: President Obama Holds a Town Hall in New Hampshire
The savings from a higher retirement age - expected to cost about 10bn euros over 10 years - would also help to meet EU rules on Italy's budget deficit, which it must erase by 2010.
You know that there is no way to achieve a balanced approach -- to achieve a significant compromise on deficit and debt reduction in a budget compromise without a balanced approach.
Major economies are also making cuts - Italy announced tougher austerity measures designed to reduce its budget deficit on Friday, while Spain has also said it will speed up spending cuts.
Moderate Republican Senators reduced the tax cut - which Mr Bush believes is essential for reviving the US economy - but half, on the grounds that it would create too large a budget deficit.
On July 30th, he unveiled a four-year plan to bring the government's budget deficit to heel.
One reason why this system cannot go on much longer is that Asia's crisis of 1997-98 put the budget deeply into deficit and, unaided, it may not return to surplus.
Ireland this week became the first euro-area member to declare that it would bust the stability-pact ceiling on budget deficits of 3% of GDP next year: it expects a deficit closer to 6%.
Mr Ryan chairs the budget committee in the Republican-controlled House of Representatives, and is seen as likely to add electoral firepower on what are expected to be the key election issues - jobs, the economy and the budget deficit.
This means Brussels won't force extra budget cuts on otherwise strongly performing governments solely to meet deficit goals missed because of weaker-than-forecast growth.
But campaigners say real progress was made between 2000 and 2010 and have expressed concerns that this could be endangered by cuts to the welfare budget - including curbs on tax credits and housing benefit caps - central to the coalition's deficit reduction plan.
We'll cut the budget deficit in half in four years and put ourselves -- put this country back on a path toward fiscal sustainability.
On February 15th finance ministers from the 16 euro-zone countries told Greece to take additional steps to cut its budget deficit by four percentage points of GDP to 8.7% this year.
They noted the bill adds to the US budget deficit, while also objecting that the low tax rates - which have the biggest impact on the deficit - are only temporary.
As for the deficit, George Osborne told MPs that the Office for Budget Responsibility assesses the government is "on-course" to meet its target of eliminating it in five years time.
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