Aye, it's a tough one. To cut now and risk sending the economy into a downward spiral, or wait in the hope of tackling the hole in the public finances before the international money markets go nuts.
Now, the rating agencies are a significant part of the reason we're in this mess, but none the less they still have significant power and influence. As a result governments must dance to their tune. But cuts now would bring the economy into recession, possibly a very severe one. Maybe even worse than the current/most recent one. The cumulative effect would be devastating. On the other hand, wait may get the economy going enough to reduce the hole by growth in part, thus taking significant pressure off the need to cut everything. But if cuts need to be made, they need to be made. And there probably will be some. I trust Gordy and Darling with the economy, Darling slightly more.
Cameron and Osborne worry me.