Irish Budget 2009: The ESRI and the Foundation for Fiscal Studies (FFS) hold their eleventh Budget Perspectives Conference today and economists will warn against short-termism in either taxation or spending. With the collapse in property-related taxes, the conference will be told that the appropriate policy response is to ensure that revenue and spending are placed on a sustainable path. Irish business group IBEC says in its Budget Submission to the Minister for Finance, that without further measures, the exchequer deficit in 2009 as a percentage of GDP at 10% will be the highest since 1986, while the general government deficit would be more than double that allowed for in the EU Stability and Growth Pact.