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There will be some pension reform, a bit more immigration, more family-friendly policies, higher taxes, growing fiscal problems for many governments and slower economic growth.
Matthew N. Murray, a professor at the University of Tennessee, Knoxville, who has studied state fiscal problems for the Brookings Institution, said: "In Illinois, the stark reality of the cataclysmic nature of their budget reality drove this income tax increase.
Balls said the recent rally in prices of Italian and Spanish debt, which recently sent yields on 10-year debt to their lowest levels since 2010, was driven by liquidity from major central banks, which has overshadowed the euro zone's economic and fiscal problems for the moment.
Mr Correa, a 47-year-old US-trained economist, took office in 2007 and won a second term in 2009 - despite a decision to default on $3.2bn of loans which caused widespread fiscal problems for his government.
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It's a fiscal problem for the government, which has borrowed the money by issuing bonds".
It's a fiscal problem for the government, which has borrowed the money by issuing the bonds.
SINGAPORE — Averting a U.S. debt default solves only the immediate fiscal problem for the West and its big creditors in Asia.
The new fiscal problem for City Hall, however, stems from the Soldier Field deal and represents another time bomb that Mr. Emanuel inherited from Mayor Richard M. Daley.
In an interview on "This Week" on ABC, Mr. Greenspan said that helping homeowners directly would create "a short-term fiscal problem" for the government, but that doing so would be more effective than solutions like freezing mortgage rates.
"You have to provide the leadership necessary to make sure the state gets through not just a fiscal problem for the state but also an economic problem for the people of the state and the people of the country," Mr. Pataki said.
The rapid fall in oil prices from July to December 2008 (from 129 to 32 USD per barrel for the Venezuelan basket) created a serious fiscal problem for the Venezuelan government (GBRV) in 2009, leading it to cut spending in real terms and issue a significant amount of debt.
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