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Breaking News Headlines: France to Seek 14 Billion Euros in Cuts Next Year

Wochit 1:07 mins

A report say that France will pursue 14 billion euros ($18.2 billion) in spending cuts next year as it attempts to reduce the public deficit to 3 percent of economic output by 2015. France's Socialist government aims to tame the deficit by trimming ministerial budgets, cutting state aid to companies and reducing local government funding. But with the economy back in a shallow recession, jobless claims at an all-time high and his approval ratings around 30 percent, President Francois Hollande has been reluctant to accelerate the cuts. German Finance Minister Wolfgang Schaeuble slammed Irish bankers caught on tape joking about a bailout, calling them "aloof super humans" worthy of contempt. Schaeuble's remarks quoted by an edition of Frankfurter Allgemeine Sonntagszeitung to be published echoed comments by Chancellor Angela Merkel. President Barack Obama and first lady Michelle Obama are meeting privately with the family of Nelson Mandela.

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