Parties to work out own Budget proposals after talks fail

The Finance Minister Brian Lenihan has said an extension to the 2014 deadline to control Ireland's finances may be possible after a few years, but that seeking an extension in Europe now would be "devoid of any credibility".

The Cabinet will hold its weekly special meeting to discuss the Budget this morning, where ministers will be briefed by the Taoiseach Brian Cowen on the failed bid last night to reach consensus with the Opposition.