Liberal Democrat David Laws pushes for deeper tax and spending cuts

Britain's government unveils its annual budget Wednesday, expected to focus on nurturing economic growth in the face of deep spending cuts and tax hikes aimed at slashing the nation's huge deficit.Finance minister George Osborne unveils his 2011/2012 tax and spend plans amid fears that his drastic belt-tightening measures could tip Britain back into recession.Prime Minister David Cameron's Conservative-Liberal Democrat coalition, which rose to power in May 2010, has sought to slash a record public deficit that it inherited from the previous Labour administration.

EDMONTON — It’s budget day in Alberta, and Premier Alison Redford says that while lean times are ahead, there won’t be any tax hikes. Redford says falling oil prices mean that the level of spending won’t even match the four per cent needed to keep pace with inflation and population growth. She says the budget also sets a new tone on how the government views finances. She says recent budgets have been shortsighted, focusing on deficits and surpluses, red ink and black ink, rather than taking a longer view of building a province.

WASHINGTON -- Military services have outlined a series of spending cuts that will reduce planned raises for military personnel, curtail aircraft maintenance, delay new equipment for soldiers and the movements of aircraft carriers around the globe, documents obtained by USA TODAY show.

Here is a post on Facebook a couple days ago that is worth a read in entirety. I will post the entire article along with a few thoughts. We Are Already Over the Fiscal Cliff by Ron Paul

Recent events have created tensions in the Government - but the alternative is too awful to contemplate, says David Laws

WASHINGTON wonks are focused today on the release of the Obama administration's budget proposals for the 2013 fiscal year. We will have in depth coverage following the White House budget briefing. For now, a few things stand out. First, the president's proposals generate a federal deficit of $900 billion in fiscal 2013. If it verified, that would be America's first deficit of less than $1 trillion since the 2008 fiscal year.

The Spanish deficit situation is getting real: Elena Salgado, Spain’s finance minister, said after a cabinet meeting in Madrid that spending cuts, tax rises and a return to economic growth would cut the deficit from a higher-than-predicted 11.4 per cent of gross domestic product in 2009 to 3 per cent in 2013, in line with Spain’s promises to meet EU budget rules.