What we do want to see is reforms that are going to have a permanent effect on the budget deficit.

I can assure that this president is very concerned about the budget deficit.

Not in the constitution, but I would propose a law to the French parliament that provides for reducing the budget deficit year by year, until we have reached a balanced budget by 2017.

Italian labour costs are beyond the point of being compatible with EMU membership without painful reforms. The budget deficit is being widened to make up for loss of export market share. Public debt is heading up towards 150% of GDP. The political mess in Rome means exit from EMU is virtually inevitable.

I've, we have in this state, like many other states, we're experiencing an enormous budget deficit that we're trying to grapple with. But we will have progress despite the deficits.

America borrows to repay what it had borrowed to repay.