Spain's New Budget Emphasizes Big Cuts

You can't spend what you don't have

The Spanish government announced the severest austerity cuts in the country's history as it approved measures and reforms aimed at creating budget savings of $51 billion to get the country back on firm financial footing.

Spanish officials announced the approval Thursday of the 2013 budget, agreeing to a freeze on public sector wages as well as cuts of an average of 8.9% in spending for government ministries, the equivalent of almost $5.1 billion.