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But if a choice has to be made, deficit reduction will have less priority.
Prime Minister David Cameron and his increasingly jittery coalition government have made deficit and debt reduction a defining priority.
President Clinton made deficit reduction a centerpiece of his first economic program, and he persuaded Congress to raise taxes to accomplish his goal.
President Obama wants to make that fix permanent, something Mr. Bush was hesitant to do because it would have made deficit forecasts look worse.
City analysts pointed out that even without the EU's bill, weaker-than-expected income tax receipts have made deficit forecasts hard to reach.
But the recession was then playing havoc with federal finances and so, after much intra-coalition strife, Mrs Merkel made deficit reduction a higher priority.Now tax relief is "again on the agenda", promises the FDP's Volker Wissing, head of the Bundestag's finance committee.
Similar(46)
At the same time, the debt crisis roiling Europe has made deficit-cutting a potent topic.
That is because the Conservatives have made deficits politically toxic, and Labour sees its looser fiscal targets as a vulnerability.
The administration is expected to make deficit reduction a top domestic policy focus in 2010.
The other is the happy idea that tax cuts actually increase government revenue, making deficit anxieties irrelevant.
WASHINGTON — For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com