Budget revision to meet new challenges -- Cowen
TAOISEACH Brian Cowen said last night the decision to bring forward the Budget was about sending a serious signal to the country that we are in a new set of circumstances.
"The deceleration is happening much faster than anyone ever expected," he said.
"We must take whatever steps are necessary now so that we can get back to the good times as soon as possible," Mr Cowen told a 'Late Late Show' audience in Wexford.
Mr Cowen refused to be drawn on what fiscal measures might now be necessary, saying talk about budgetary measures could distort market sentiment.
"We are not going to tinker around with the market. There is a correction taking place in the domestic housing market," he said.
"There is also a credit squeeze taking place and people cannot get access to credit. That is the issue," Mr Cowen said, emphasising the capital spending programme would continue.
"There are labour-intensive projects, such as in schools refurbishment, which perhaps offers an opportunity," Mr Cowen told Pat Kenny.
- Senan Molony Deputy Political Editor
