Government's Challenge or Government's Making?

I read the following on the BBC News today: "He added that the deterioration emphasised the scale of the fiscal challenge still facing the government, with Chancellor Alistair Darling facing growing calls to act more quickly to tackle the deficit."
Interesting how people can put a spin on things. When you read this, you think that somehow a financial problem jumped onto the government without warning and they face a challenge to deal with it. However, most people know that the government have been spending more than they have for years and years and the so-called 'challenge' is simply the rod that the government made for its own back. I never really understand how this is allowed to continue and then left for the next government to deal with. Isn't there a point at which someone has the power to order the government to cut spending?
It all seems unfair, any new government will have to cut spending massively to keep things afloat and they will of course be accused of being a government that doesn't care about things like the welfare system, education and the NHS (the big money 3). So Labour gets all the "we spent loads on important systems" headlines and the next government inherits austerity.
Typical isn't it!