The promise and peril of a colorful choice is exemplified by Mr. Ryan, who, as chairman of the House Budget Committee, has drafted budget plans that cut taxes and spending and overhaul safety-net programs, making him a hero to conservatives.

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Under EU law, the annual budget - drafted by the European Commission - must be agreed to both by the Parliament and the Council of Ministers, which represents national governments.

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After passing a budget on Thursday that was drafted along with Brussels to include approximately 40 billion euros in austerity cuts, investors are betting that Spanish Prime Minister Mariano Rajoy will formally request a sovereign bailout over the coming weeks.

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The budget that Orszag and his colleagues drafted was the Platonic ideal of Obamaism, a Presidential statement of principle.

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In a plan drafted in September, it resolved to cut the budget deficit to 4.3% of GDP, refrain from borrowing from the central bank and remove fuel and electricity subsidies.

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The party said 40 MPs from nine parties and an independent had pledged to support a clause drafted by the SNP to amend the chancellor's latest budget.

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He has enacted a huge fiscal stimulus, unveiled a hyper-Keynesian budget, propped up tottering car firms and hastily drafted new rules for how financial bail-outs will proceed.

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Up to 10, 000 extra police officers will be drafted in each day to help secure the Games, with most of the security budget going towards paying wages.

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