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Italy becomes latest to release austerity measures

While some economists may applaud Italy's proposed 24 billion-euro austerity package for preventing a Greece-level debt crisis, the cutbacks could take a toll on Prime Minister Berlusconi's already declining popularity. (Snip) If approved by parliament, the measure would help the government trim its budget deficit from 5.3 percent of gross domestic product (GDP) to 2.7 by 2012. European Union regulations require member states to keep budget deficits within 3 percent of GDP, although many countries have broken the rules since the economic and financial crises. Italy's need for austerity measures is not as extreme as those of Greece, Spain or Portugal...

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National Debt Soars Past $13 Trillion

The U.S. national debt has passed the $13 trillion mark, according to USDebtClock.org, an independent website that tracks the real-time growth of U.S. revenues and spending. The Treasury Department has yet to update its official national debt-tracking website: TreasuryDirect.gov lists the national debt, as of Monday, May 24, as nearly $12.99 trillion. The Treasury Department did not immediately return a request from ABC News for comment. (Snip) ''As early as today, we'll reach a dubious milestone in America: a $13 trillion national debt -- the first time in history we've crossed this frightening threshold.

This extenders bill would add another $130 billion on top of that. ... This is fiscal recklessness...

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