Interesting to see this on the RTE website, and not at all surprising to find no mention of it yet on politics.ie - but basically the Fiscal Council, who are normally fairly hawkish, have today said the following:
Anyway there's plenty more in the story, linked here:The Fiscal Advisory Council - the statutory body charged with assessing and advising on the Government's budget policy - says the Government deficit should be close to 2% by 2015. This is significantly better than the Budget day forecast of just under 3%. A lower deficit last year than expected and the impact of the promissory note deal have both changed the arithmetic used to frame the Government's budget plan. The Fiscal Advisory Council has reworked the numbers taking these facts into account, and it says they will significantly improve the budget deficit situation in the years ahead.
No need for extra fiscal measures, says Council - RTÉ News
And a particularly interesting remark is from the FC chairman John McHale, who says that while the economic outlook is challenging, by 2015 there "should be some room for pay increases, or tax cuts and increases in social welfare benefits."
I'd expect most posters to be devastated by this report.