The Chancellor is to admit that more drastic action is needed to balance the Government's books but will warn in his mini-budget that there are no "miracle cures".
George Osborne is to confirm that Whitehall departments are being ordered to find further cuts to fund £5bn of projects designed to kick-start the economy.
In the Autumn Statement he is also widely expected to concede that sluggish growth means it will take longer to tackle the deficit, and that a key coalition target - to have public sector debt falling by 2015-16 - may be missed.
Mr Osborne will argue that he is "confronting the country's problems, instead of ducking them".
"The public know that there are no miracle cures. Just the hard work of dealing with our deficit and ensuring Britain wins the global race," he will say.
The capital projects will include building or expanding up to 100 new academies and free schools over the next two years, with cash directed at areas experiencing a shortage in classroom places, as well as investment in transport and science and skills.
Labour said the announcement amounted to an admission that the reduction in infrastructure spending since 2010 had been "a catastrophic mistake" and weakened the economy.
Health, schools, international aid, HM Revenue and Customs and nuclear decommissioning will be protected from the latest round of cuts.
The Chancellor is also expected to target the pension pots of higher earners.
He may cut the amount of annual tax relief high earners receive on pension contributions from £50,000 a year to £30,000. Implementing the full cut could raise as much as £1.8bn for the Government.
Mr Osborne is expected to announce a crackdown on people and businesses avoiding or evading tax, with a £77m boost for HM Revenue and Customs to track down those not paying their fair share.
He will also use the statement to signal his approval for up to 30 new gas-powered electricity power stations, as well as floating possible tax breaks and regulatory reforms to encourage investment in innovative "fracking" technologies for extracting gas from shale deposits.
Follow Sky's live coverage of the Autumn Statement on Wednesday:
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