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The modest cuts to entitlements are sensible, but when a budget reduces revenues on this scale, it is hard to take the claims of fiscal discipline seriously.
But he has made modest cuts to this staff, just as he has thinned the ranks of other management-level employees.
America's Federal Reserve is expected to normalise policy very gradually at its meeting today, January 29th, it is forecast to make only modest cuts to the pace of its bond purchases.
Some liberal Democrats said that though they opposed even modest cuts to the food stamp program, they would support the House bill because they assumed its cuts would be reduced somewhat during negotiations over the final bill.
These include extending tax credits for unmarried workers to boost the wages of struggling men, and more modest cuts to income tax than those favoured by many other Republicans.
Traders had generally expected the Fed's Federal Open Market Committee to make modest cuts to its $85 billion in monthly asset buying, so the decision to keep the program intact, at least for now, came as a surprise.
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He thinks even a modest cut to 75% would reverse the trend.But it is that simple?
Malcolm Chalmers of the Royal United Services Institute, a think-tank, says even a modest cut to planned pay could yield significant savings.
More surprisingly, he did not even try – announcing significant new spending without any new offsetting savings, other than restating Labor's commitment to a multinational tax avoidance crackdown and a modest cut to superannuation tax concessions.
This is not a case for Republicans agreeing to, say, $1 trillion in tax increases in exchange for modest provider cuts to Medicare.
Germany will continue to reject the idea that it could boost world growth and ease the euro crisis by stimulating its economy.The coalition is preparing a package of modest tax cuts, to be implemented at the start of 2013.
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