POLITICAL REACTION:OPPOSITION PARTIES have pledged to alter the Government’s four-year austerity plan if there is a change of administration after the election.

Fine Gael, Labour and Sinn Féin separately said yesterday that they would not be bound by the commitments outlined in the documents to reduce the deficit by €15 billion by 2014 and would seek to renegotiate elements of it.

All three parties have singled out for particular criticism the proposal to cut the national minimum wage from €8.65 to €7.65.

Taoiseach Brian Cowen defended the plan yesterday saying the substantial adjustments, including €6 billion in the first year, would bring certainty and stability to the country.

“What has been set out here is a realistic appraisal of what is possible, what is necessary and what is do-able,” he said.

“If people want to say that there are changes that they want to make, [they must] make sure they add up, and make sure that it doesn’t create more uncertainty at a time when this country critically needs some certainty.”

Minister for Finance Brian Lenihan also said he was confident of gaining sufficient Dáil support to pass the budget on December 7th.

“I am quite satisfied from my discussions both with the parties in Government and the various public representatives in Dáil Éireann that there is a majority for the budget and that it will pass,” he said at an event organised by American Chamber of Commerce Ireland.

His comments suggested the Government has secured the backing of at least one of the Independents. Michael Lowry insisted yesterday that he was “unlikely” to support the budget but did not definitively rule out the prospect.

Fine Gael leader Enda Kenny contended that the Government had led the country to an “economic abyss”.

Dáil business was suspended to allow for statements from the Government and Opposition leaders on the plan.

Labour leader Eamon Gilmore later denied he has changed his position in the past fortnight on reversing decisions in the upcoming budget.

When appearing on the Late Late Show earlier this month, he said he would not reverse budgetary cuts. However, in an interview on RTÉ’s News at One yesterday, he said that Labour in government would examine budget decisions that were “blatantly unfair” on a case-by-case basis.

Challenged by presenter Seán O’Rourke that he was changing his story and his comments on the Late Late Show were now “inoperative”, Mr Gilmore said he was not changing his story and that O’Rourke was playing word games.

O’Rourke responded: “It’s trying to do what people have been doing for a long time is to pin you [and] your colleagues down on where you stand in regard to measures that have to be taken.

“It seems that you are hunker-sliding now from the position you adopted on the Late Late Show?”

Mr Gilmore replied that Labour would not reverse all cuts but was willing to reverse specific cuts.

Fine Gael’s Richard Bruton and Labour’s Joan Burton said yesterday they would reverse the cut of €1 proposed in the minimum wage.

Mr Bruton said Fine Gael would be prepared to make senior bondholders in banks take some of the hit for large losses at the lenders.