That pain would be worth enduring if it led to a better medium-term budget outcome.
Less noticed is that Mr Obama's fiscal plan will also worsen the medium-term budget mess, by making tax cuts for the middle class permanent.
Scheduled for discussion were a wide range of topics relating to the current situation of the Organization, its financial status and questions concerning the implementation of the roadmap, ongoing preparations for the next Medium Term Strategy and Programme and Budget, the current moves to reorganize certain corporate services and matters relating to the scheduling of meetings during sessions of the Governing Bodies.
He said that the budget would encourage small and medium businesses and that taking risks would also be encouraged.
In order to tackle its debt, additional cuts worth 4.5% of GDP would also be needed over the medium term to reach the target of a budget surplus of 4% of GDP by 2018, the IMF said.
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And so we need to make a plan - some decisions about how we are going to bring the budget closer to the balance over the medium term.
At the risk of hurting British egos, they simply don't see Britain - especially with a declining defence budget - as anything more than a medium-sized power in its own right.
Mr Simsek has drawn up medium-term fiscal rules that aim to bring the budget deficit back below 3% of GDP within the next two years, but the finance ministry has delayed their implementation until some time next year after the election.
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So the test of the government's commitment to medium-term planning of public expenditure will come in the budget in March.
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Stephen Sondheim may be a Broadway baby, but most of the best revivals of his musicals have been mounted in small-to-medium-size theaters and accompanied by chamber ensembles, not budget-busting pit orchestras.
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It has made a medium-term pledge to restrict spending to a level that would give a budget surplus if output were growing at its full potential (currently reckoned to be 5%).
Washington (CNN) -- The Federal Aviation Administration this week is sending out scores of letters to small- and medium- size airports nationwide saying the agency may soon close their control towers because of budget cuts, unless they can convince the government that the action will harm the national interest.
CNN: Airports can make case to keep their control towers open
On the budget, he should promise to cut tax rates only as part of a credible, medium-term plan to stabilise the debt, and refuse to rule out raising net revenue in the process.
Recently, Chancellor of the Exchequer George Osborne submitted a budget doing away with Stamp Duty taxes on alternative investment market shares, a victory for small to medium sized business.
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