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He says fiscal consolidation needs to proceed at a careful but steady pace.
"Fiscal consolidation needs to be embedded in a comprehensive package that also promotes growth.
"As such, we consider it advisable for the UK to look at raising new revenues to meet its fiscal consolidation needs".
Given the protracted euro area public debt crisis and the lingering fiscal consolidation needs in several countries, understanding the effects of fiscal policy on macroeconomic developments remains a crucial issue in order to promote growth and achieve fiscal sustainability.
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''Today's agreement is a first step toward achieving the long-term fiscal consolidation needed to maintain the US government debt metrics within Aaa parameters over the long run," Moody's said in a statement.
Don't fiscal consolidation plans need to put the pain up front to persuade investors that they're serious?
Simon Wren-Lewis has another very good blog post, this time on the very weak case for demanding fiscal austerity right now, even if you believe fiscal consolidation is needed in the long run.
In February, Mr King warned that "significant fiscal consolidation" was needed.
The OECD said the UK government's austerity plans had affected growth, but said the measures were "necessary" and warned that "further fiscal consolidation" was needed.
While trimming the UK's growth forecast, the OECD said the UK government's austerity plans had affected growth, but said the measures were "necessary" and warned that "further fiscal consolidation" was needed.
Substantial fiscal consolidation is needed, and debt levels must decrease.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com