The Tánaiste and Minister for Finance, Brian Cowen, has warned that double digit spending increases are 'a thing of the past'.
Addressing the Fianna Fáil parliamentary party seminar in Wicklow, Mr Cowen siad that in order to implement the National Development Plan, keep taxes low and balance the budget, spending growth would have to be moderate.
He said the latest indications were that economic growth might be somewhat lower than the expected 4.5%, and that careful management of the economy and public finances was needed to provide the basis for a sustainable future.
The Taoiseach, Bertie Ahern, insisted there is no place for pessimism about the economy, despite a slowdown in the housing sector.
Mr Ahern said the Government would maintain a responsible fiscal policy, but that the economy was still strong, and still growing.
