Lib Dems reveal plan to pay off deficit

His party would cut less than the Tories and borrow less than Labour, he said. The Lib Dems say they would get rid of the deficit through raising taxes by an additional £12bn, cutting public spending by £12bn, and cutting welfare by £3bn. Clegg claimed the Lib Dems were the only party offering a "balanced" programme to pay down the remaining deficit, while still finding money to raise income tax thresholds to £11,000 and invest in the NHS". "We are going to spread the burden of finishing the job of fixing the economy fairly across society," he said. "Yes that means more cuts, bu...