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Recession and falling tax revenue may undermine Mr Levy's adjustment.
With growth weak and prices falling, tax revenues plunged.
Both have high unemployment, falling tax revenues and gaping budget holes.
Both the French and German governments have also been hit by falling tax revenue.
But falling tax revenues have swiftly pushed the public finances into the red.
There were other tactics for sustaining spending, despite falling tax revenue.
Of course, Obama has talked before about rising inequality and falling tax burdens on the rich.
Domingo Cavallo, the economy minister, admitted that falling tax revenues meant fiscal targets agreed with the IMF would be missed.
Darling was alerted to the worsening state of the British economy by falling tax revenues coming in to the Treasury.
But the NHS would only benefit if any promised easing of austerity outran any damage inflicted by falling tax receipts.
Moody's Investors Service has downgraded Mount Vernon's financial rating because of a falling tax base and poor tax-collection record.
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