Budget Emergency and Debt Cycle

I need help discussing and responding to two articles attached:

1. Refers to the article: œYES, MR ABBOTT, THERE IS A BUDGET EMERGENCY (attached). What is a œbudget emergency? Discuss the reasons why Australia has a œbudget emergency.

Refers to the ˜Household debt locks Danes into vicious circle of decline’ (attached). It described the Danish economy as being locked in a œvicious cycle of decline due to household and government debts. What is a œvicious cycle of decline? Why did Denmark experience this problem?