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EU leaders agree to adopt first ever austerity budget

Expecting to help millions who are struggling through government cutbacks and recession, European Union leaders reached an agreement on the first ever cut in their common budget.

Spain unveils $36 billion austerity budget

Spain's government unveiled on Friday a euro 27 billion (USD 36 billion) deficit-reduction package including spending cuts and tax hikes on large companies, as it scrambles to convince the EU and investors that it won't need a bailout.