Deficit must be reduced by spending cuts: Irish minister

“Spending cuts are much more effective than tax increases in restoring order to the public finances, avoiding prolonged economic downturns and restoring economic growth,” Lenihan said in the article.

Ireland's deficit is set to reach 12 percent of gross domestic product this year, four times the European Union limit. Lenihan said it would have widened to as much as 17 percent without government actions taken over the past 18 months.

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