The issue is how to restore balance between fiscal revenues and expenditures, including for social welfare.
Combined with the insider influence of defense industry lobbyists, it means that the U.S. economy has become hooked like an addict to an ongoing fiscal stimulus from military expenditures.
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It is a very hot topic at the moment as states everywhere are reducing expenditures in the face of fiscal crises.
High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit.
But if oil prices stayed low for longer, there will have to be a fiscal adjustment, maybe cutting back on expenditures by as much as 3% of GDP.
If the fiscal commission or if the administration can find either savings on the spending side or changes in tax expenditures so that the outlook is more favorable, the fiscal outlook, then maybe a modified version of continuing the tax cuts.
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These and other projected expenditures combined with our historically low average tax rates have produced, not a fiscal cliff, but a fiscal abyss.
The fiscal commission showed that you need to look at entitlements, you need to look at tax expenditures, you need to look at military spending.
If approved, the measures will have a relatively modest fiscal impact in the short term, but will help to contain the expansion of current government expenditures over time.
Although Mr Koizumi has had close ties to the finance ministry, upon taking office he was initially more concerned with overhauling expenditures, and their effect on Japanese politics, than with the size of the fiscal balance itself.
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And again, without prescribing the contents of that deal, which is only a one-year deal, what I think is irrefutable is that no single-year fiscal deal is going to resolve the long-term debt issues that face us in terms of entitlements, tax expenditures, defense spending, and all the major drivers of long-term debt that have to be addressed.
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