BBC political correspondent Alan Soady said the cut carried symbolism because, even in opposition, Mr Osborne had talked about the importance of reserving the UK's AAA rating, and protecting it was one justification for his deficit reduction plan.
The process was described in a previous paper by one of the BIS authors, and discussed in a Free Exchange column last year.The useful justification for fiscal deficits at a time of recession is the Keynesian one of supporting demand.
They cite their fear over ballooning deficits as justification for taking away public employees' sole retirement income, yet they're simultaneously contemplating an $88 million tax break package for Archer Daniels Midland, Office Depot and Univar.
The justification for running anything now at a deficit in a university is highly questionable".
It should by now be perfectly obvious to everyone that the Tory party is using the deficit scare as the justification for a rightwing agenda that involves shrinking the state at the expense of the most vulnerable in society.
On the defensive early on about the size of his proposed tax cuts at a time of big budget deficits, Mr. Romney hardly offered a fulsome justification for his central economic policy.
They see lingering post-financial-crisis unemployment as a compelling justification for much more aggressive fiscal expansion, even in countries already running massive deficits, such as the US and the United Kingdom.
