U.K. cuts growth estimate, will borrow more .

Quote:
U.K. Treasury chief George Osborne said economic growth would be much slower than expected and his government would have to borrow almost 60 billion pounds ($90.6 billion) more than planned over coming years, which is likely to fuel criticism of his stewardship of the economy.


UK will have to borrow more than expected. Wait, borrow more?! How come they have to borrow more after cutting spending?! After all if this was a household, and they paid off credit card and cut spending, how come they now have to borrow more? /sarcasm

This is because household comparisons are garbage, and economies do not operate the same way.

This could have been US if Tea Party and Congress had its way.

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