The cautious Mr Costello's obsession with running a constant budget surplus is seen as a wasted opportunity.

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As the Latin debt crisis of the 1980s unfolded through that decade, the constant drumbeat was budget cutting and austerity.

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Regardless of the poor state of the economy, if you have children, the purchase of at least one toy periodically is a constant in the budget.

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Even as NASA's budget has decreased by approximately 15 percent in constant dollars since 1993, we have made provision for several important new initiatives to maintain the delicate balance between human space flight, earth and space science, and advanced aeronautics and space transportation technology.

WHITEHOUSE: Jacob J. Lew Testimony to House Science Committee, 08/06/1998 | The White House

But during that time, the cost of computation has dropped so much that if you strip out those costs, NASA's budget today is probably equivalent to what it was in 1969, in constant dollars.

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As I said on the Today programme this morning, to understand whether David Cameron has "won" or "lost" in Brussels, you need to know exactly what the budget is now, what it would be look like if it were held constant, allowing only for inflation (a "real freeze") - and what, precisely, has been agreed for 2014-20.

BBC: EU budget: Small storm in large tea-cup