Budget
LONDON - Britons bore the brunt for the second time after the global meltdown as the David Cameron government Tuesday introduced the harshest of spending cuts in several decades amounting to $40 billion, saying there was no alternative to bring down the gigantic budget deficit.
NEW YORK - The dollar rose against the euro Tuesday as investors worried about the stability of the continent's banks.
WASHINGTON - A top House Democrat said Tuesday that tax increases will eventually be necessary to address the nation's mounting debt, raising a difficult election-year issue as Democrats fight to retain control of Congress.
Key points in the budget announced Tuesday by Treasury chief George Osborne:
-Government borrowing to decline from 10 percent of gross domestic product to about 1 percent in five years.
BERLIN - Britain, France and Germany on Tuesday committed to levying a fee on banks to shield taxpayers from the cost of resolving financial crises and said they would ask other countries to join them.
