Cameron vs Spending

Massie is pleased:

This was, on the face of it, a good budget. Four out of every five pounds in savings come from spending restraint, not tax rises and this seems to strike the right balance. "We have had to pay the bills of past irresponsibility" said the Chancellor as he opened and closed his speech with a reminder that it's the record of the last government that makes this extra budget necessary in the first place.

The much more lightly taxed American economy could do with more revenue (Britain already has a VAT and as serious tax on gas). John Cassidy, on the other hand, performs Krugman's routine for the British audience.