Ed Miliband is to rule out any uncosted spending commitments in Labour's election manifesto, as he sets out his party's plans to reduce the deficit.
Dealing with the public finances will be an "essential test" of Labour's credibility, the party leader will say.
He will argue boosting wages and taxing the better off, in addition to budget cuts in most areas, can contribute to eliminating the deficit by 2020.
The Conservatives say Labour would continue to push up public debt.
They Tories cite Treasury analysis which suggests Labour's plan to run a "current budget surplus" would mean the government's overall budget would remain permanently in deficit.
In a speech in London, the Labour leader will seek to counter opponents' claims that he has no plan to tackle levels of annual borrowing, forecast to be £91.3bn this year and £75.9bn in 2015-16.
Mr Miliband came under fire from his political opponents and from some within his own party for omitting any mention of the deficit from his keynote conference speech in September - which he delivered by memory without autocue or notes.
BBC political correspondent Iain Watson said that in setting out his plans on Thursday - five months before May's election - Mr Miliband will seek to convince voters he is serious about eliminating the deficit as soon as possible in the next Parliament.
"Some people think the deficit simply doesn't matter to our mission and should not be our concern," he will say.
"They are wrong. It matters. Because unless there is a strategy for dealing with the deficit, it is working people who will end up paying the price of the economic instability that is created."
'No answer'As a signal of Labour's approach if it wins power, shadow chancellor Ed Balls has written to colleagues warning them they face cuts in their departmental budgets year every year until the deficit on day-to-day spending has gone.
The health and overseas aid budgets will be the only areas to be immune from the squeeze on spending, Mr Miliband will say, although the schools budget in England could also be ringfenced too.
Higher spending, Mr Miliband will say, "is not the answer to the long-term economic crisis that we have identified".
Insisting that none of Labour's pre-election spending commitments will be funded by extra borrowing, Mr Miliband will contrast his approach with what he claims are £7bn worth of unfunded tax cuts promised by the Conservatives.
"This is an essential test of credibility. There is huge uncertainty about the deficit because of economic circumstances and on the basis of recent experience," he will argue.
"That makes it all the more important that parties do not spray around unfunded commitments they cannot keep."
Borrowing figuresBut with polls suggesting David Cameron's party is still more trusted on the economy, Mr Miliband will also attempt to link his wider employment policies to deficit reduction.
He will suggest tax receipts could be bolstered by getting people into more highly skilled, better-paid jobs and that Labour will prioritise "productive investment" in skills.
Chancellor George Osborne's plans are predicated on achieving a surplus in the public finances by 2018-9. He has said he believes this can be done without any tax rises and has rejected suggestions it will entail "colossal" cuts to public expenditure.
The government is expected to borrow more money this year than had previously been predicted.
In last week's Autumn Statement, the Office for Budget Responsibility raised its borrowing forecast for the current financial year from £86.6bn to £91.3bn but said this would still be below last year's total of £97.5bn.
Borrowing levels are forecast to fall every year until 2018-9, although Labour say the government has long abandoned its original 2010 target of eliminating the deficit by the time of next year's election.
Responding to Mr Miliband's speech for the Conservatives, Business minister Matthew Hancock said the plans were a "risk to the economic recovery".
He said: "Labour's policy is to run deficits forever - more borrowing that would add to the national debt every single year.
"That would mean more debt than hardworking taxpayers or our children could ever hope to repay."
The Lib Dems have said they would borrow less than Labour and cut less than the Conservatives.
What question would you put to Ed Balls over the economy? What do you make of Labour's economic plans? You can share your comments by emailing haveyoursay@bbc.co.uk.
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