The Obama administration quietly proposed closing the lab in the president's fiscal year 2015 budget request released last month, citing the tough fiscal environment.
In an important speech in London, Mr Balls promised that Labour's 2015 manifesto would include "tough fiscal rules" to balance the nation's books but declined to disclose his timetable.
By the summer the government will have to choose between maintaining a tough fiscal stance (a condition for joining the euro) and easing the pain of recession.
Council Speaker Peter F. Vallone said yesterday: "The Council will ensure that the burdens are shared equally by all New Yorkers during these tough fiscal times.
Tough fiscal discipline is essential.
"I did that with tough fiscal policies.
Certainly, the state is in tough fiscal shape.
"Obviously it's a tough fiscal environment," he said.
Tough fiscal measures have been implemented, but deeper structural changes have progressed slowly.
In contrast to Estonia, Lithuania has failed to back its currency board with tough fiscal policies.
"Germany is acting as the task master imposing tough fiscal discipline.
