Minister for Public Expenditure and Reform Brendan Howlin has said there will be no more cuts but stressed Ireland could not return to a situation in which it was "profligate again".

Speaking this morning, he said he hoped budget discussions will conclude at today’s Cabinet meeting after the “main features” were signed off by the Economic Management Council (EMC) last night.

“Because we have emerged from a deep pit doesn’t mean that we have now an abundance of money - we haven’t,” he said.

“There will be no further cuts but that’s not to say we will be profligate again. We can’t and we won’t be.”

Mr Howlin will present two documents to senior Ministers, and Minister for Finance Michael Noonan will bring a White Paper containing macro-economic statistics.

“Hopefully there’ll be good discussion and hopefully a conclusion today. That’s my objective. But the way things happen sometimes there are things to be tweaked and so on.”

Speaking at a business breakfast organised by the Peter McVerry Trust in Dublin city centre, Mr Howlin denied there had been a "tussle" between Minister for Health Leo Varadkar and himself over expenditure.

He said all Ministers could do more if they had access to more funding for their departments, but the State did not have an abundance of money.

“As of last night we have signed off on all the main features of the budget at the EMC and I’ll be making a presentation then, and Michael, to Cabinet at 11 o’clock today.”

The EMC comprises Taoiseach Enda Kenny, Tánaiste Joan Burton, Mr Noonan and Mr Howlin.