A bigdeficitmayeasetheeconomic pain inthe short termbutrisks saddling the next generation with a growth-sapping burdenofhigher taxesandinterestpayments.
However Ed Balls may be left asking the question asked by my colleague Stephanie Flanders - given the IMF's been suggesting for two years that the UK deficit reduction policy should ease if growth has slowed and given that it's slowed to below zero, then when will it be time to consider a change?