Fine Gael leader Enda Kenny said today that the people of the country now face a "financial Everest".
Kenny has accused the Government of wilfully destroying the economy and concealing the truth from the people.
The Taoiseach has refused to be drawn into any row on the issue, and wants to go ahead with a meeting of all-party leaders tomorrow evening to try and reach consensus on the four-year Budget plan.
Opposition leaders were in the Dáil today, giving their assessment after being briefed by the Department of Finance yesterday.
Mr Kenny accused the Government of destroying the economy, wilfully concealing it from the people and suggesting their should have been an Emergency Budget last June.
The Taoiseach didn't want to respond to the charges, saying that the Opposition were exaggerating the extent of Ireland's economic problems.
Earlier, Mr Cowen held a press conference at Government Buildings to outline his plan for a meeting of all-party leaders tomorrow evening.
The Taoiseach also said that it is still too early to put an exact figure on the size of the spending cuts and tax increases that will be needed for the next four years.