Italian Cabinet OKs 47 billion-euro austerity package

The Italian Cabinet approved an austerity budget package Thursday aimed at saving €47 billion ($68 billion) over four years.
"It's a package balanced between increasing revenues and reduction of expenditures," Finance Minister Giulio Tremonti told journalists.
"We have fulfilled our commitment to keep our hands out of the Italians pockets," Prime Minister Silvio Berlusconi said of the austerity package, which now goes to Parliament.