Offaly TD says finance minister needs to stop with 'fairytale economics'
Fianna Fáil Spokesperson on Public Expenditure and Reform, Barry Cowen, has said that the Minister for Finance, Paschal Donohue, needs to "stop with the fairytale economics and tell taxpayers the truth as to where the funding will come from to pay for Government overspends."
Deputy Cowen was questioning members of the Fiscal Advisory Council in the Select Committee on Budgetary Oversight and asked whether Minister Donohoe’s assertion that future revenues will be used to fund critical projects in the National Development Plan (NDP) was credible?
He explained, “By now I’ve lost count of the number of times Minister Donohoe has told us that no capital projects will be postponed or abandoned because of Government overspends. If that is the case, then where will the money come from to pay for the projects?"
“It will have to be from tax increases, new borrowings, cuts to the NDP or cuts to current expenditure. The Minister’s protestations that it will come from future revenues simply aren’t credible," he added.
“Michael Tutty of the Fiscal Advisory Council agreed with my position at Tuesday's committee meeting where the Fiscal Advisory Council warned that the Government overspends were putting other vital projects at risk,” he concluded.