Both Opposition parties yesterday accused Premier Paula Cox of using external factors as an excuse for her own shortcomings and failing to get to grips with Bermuda’s economic crisis.Shadow Finance Minister Bob Richards said Ms Cox had missed a great opportunity because people were braced for a Budget which would have put the Island on the road to recovery.Bermuda Democratic Alliance spokesman Michael Fahy described it as an election Budget which doesn’t go far enough to deal Bermuda’s economic realities.Both said the Premier and Finance Minister had failed to acknowledge her and her party’s role in getting Bermuda to the position it’s in today.Mr Richards said in a statement: “We are pleased Premier Cox has finally acknowledged the seriousness of Bermuda’s economic troubles, but merely recognising tough times is not a plan and this is where her new Budget fails Bermuda.“This was a great opportunity for the Premier and her Government to lead the Country.“The people were prepared to play their part. They were ready to support steps that could have put the Island on the path to recovery and to help Government to get its financial house in order.“Instead, they got a 15-page statement that simply did not rise to the occasion. The Budget offered no plan, no direction and very few concrete steps that would give the Country hope that recovery was within reach.“The Premier’s statement, rather, was a disturbing study in avoidance.”He complained Ms Cox had:l described the Budget as her first as Premier and Finance Minister: “a poor attempt to separate herself from her own seven-year record as Finance Minister”;l called for a “credible” tourism plan: “as though the Government today had nothing to do with its past 12 years in power”;l moved to redefine public debt: “a shell game to make it look smaller than it is”;l failed to address soaring public debt, with interest charges set to nearly double to $70 million a year, or more than $190,000 a day in interest charges;l given verbiage about the need to re-tool the economy for recovery without specifying a way to do it;l failed to lead by example by introducing a pay cut for ministers.Mr Richards said the United Bermuda Party supports cutting employment costs for businesses but added: “These measures in themselves are not enough. The Government could have done much more.”He continued: “In the end, this Budget statement is a triumph of politics over responsibility to the short and long-term economic health of the Island. It is shame and an opportunity lost. Bermuda can do much better.”Mr Fahy welcomed the roll back of payroll tax and allocation of funds to small businesses, which his party had called for to stimulate the economy.But he said in a statement: “We do not think this Budget goes far enough in dealing with the economic realities that Bermuda faces and it does not deal decisively with growing debt levels.“This appears to have the hallmarks of an election Budget. The words expressed in the Budget simply don’t match what appears in the Budget itself.“As we predicted the Government has tried to blame our economic woes on the economic strife in other jurisdictions, without Government recognising that their own fiscal imprudence and mismanagement has brought us to where we are today.”Mr Fahy said Ms Cox had also failed to address international business’ concerns on issues such as work permit policies.“While some of Bermuda’s woes can be blamed on market conditions outside Bermuda, the problems are largely due to the Government’s failings in respect of capital project overruns, overspending, lack of saving for a rainy day and frankly thinking differently about how to protect and grow international business,” he said.“Promises to prevent overruns have already been made, so the announcement to this effect is simply repetitive and designed to make people think that this is a new initiative. The announcement relating to how these projects will be managed are shocking. Why? Well we have to ask why was this not done before?”He said the BDA is “at a loss” at how Government can raise its projected revenue of $940 million.“We do not believe that there will be the projected turn around in the re/insurance sector to justify the projections,” he said.“Given that the Budget deficit is some $80 million more for 2010/2011 then was projected, we simply do not believe the Premier’s projections for the coming fiscal year.“As it is she is projecting running at a significant deficit this year with very optimistic revenue projections. The Premier is aware there is a revenue shortfall so cutting expenditure further would have helped tremendously.”He said cutting Civil Service hours to tackle debt would have been fiscally responsible, even if it would have been an unpopular move.“We believe that the failure to do this is unrealistic and is simply setting up Bermuda to fail,” he said“Unfortunately there is far too much emphasis on hopes rather than realities. Revenues are decreasing and remain lower than expenses, so borrowing will increase. This is unsustainable.”He described removing the $200 million Butterfield Bank guarantee from debt figures as “disingenuous and artificial at best”.Mr Fahy explained: “This removal in fact hides the true debt position. The week-long delay in the presentation of the Budget is all the more bizarre given the failure by the Premier to deal with the debt problem decisively.“All is not well and this Budget is not fiscally prudent or responsible.“Given that we are attempting to stimulate small business we wonder why, for example the [Bermuda Small Business Development Corporation] budget has been cut.“The Budget lacks creativity at a time when innovative solutions are needed.”