The Minister for Finance, Charlie McCreevy, has strongly rejected suggestions by the Opposition that he deceived the public before the general election on possible spending cuts.
Mr McCreevy also said the shortfall in tax revenue for this year will be even greater than that predicted in the memo that was published in the Sunday Tribune newspaper at the weekend.
Mr McCreevy said the budget position going forward was going to be even more difficult than that envisaged in the memo.
He said that document was based upon Revenue Commission estimates of a shortfall of €300 million.
Subsequent estimates had revised that figure upwards to €500 million. Mr McCreevy said that added to this, figures for July and August had been weaker than expected. He said the Government would have to take the relevant and necessary measures.
Mr McCreevy also defended his introduction of the SSIA saving scheme.
He said it was a good deal then and it was still a good deal. The Minister said he would not be reneging on it.
