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Prime Minister Gordon Brown and Tory leader David Cameron haggled over spending cuts while cynically backing ever-increased spending on the disastrous war in Afghanistan.
For good measure, Lib Dem Treasury spokesman Vince Cable joined in the cuts menage a trois, although taking a different line on Trident nuclear weapons.
The Conservative leader demanded even bigger public spending cuts this year.
Mr Cameron challenged Mr Brown's assertion that the biggest cuts must be delayed till after the "recovery" and then imposed over four years from 2011.
Addressing a press conference at 10 Downing Street, Mr Brown admitted that the extra cost of the Afghan war was running at £3.5 billion this year.
And he boasted that "we have raised the defence budget in real terms every year in the life of this government."
Mr Brown scolded the Tories for not spending enough on the armed forces, declaring: "You must remember that the defence budget was cut savagely under the previous Tory government."
At his press conference a few hundred yards away, Mr Cameron complained that Britain was borrowing money "at a rate of around £6,000 every second."
He parroted: "We cannot go on like this."
Mr Brown retorted a few minutes later: "Any party which is suggesting that we make huge cuts in our spending today is putting the recovery at risk."
Just across the Thames, Mr Cable told a City-friendly audience that big savings could be made through cutting Trident replacement and axing the Eurofighter and ID cards.
He demanded huge public spending cuts which would be £10bn larger than the government's plans.
And he urged "a tougher public-sector incomes policy, limiting any pay increase to a maximum £8 a week."