Cabinet to discuss bank guarantee and Budget cutbacks

The Government's bank deposit guarantee and the cutbacks to be contained in next week's Budget are set to dominate the agenda at the Cabinet's regular weekly meeting in Dublin this morning.

Ministers have already held several meetings to discuss the Budget, which comes amid a massive deterioration in the public finances since the start of this year.

Finance Minister Brian Lenihan is expected to unveil significant cuts in the Budget, as well as increased "stealth taxes" and a rise in borrowing to plug the €9bn deficit.

While the Government has indicated that income tax will not be increased, there has been speculation about possible rises in PRSI.

Meanwhile, the Cabinet is expected to discuss the terms and conditions of the bank guarantee scheme signed into law last week, but the details are not expected to be made public until later in the week.

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