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U.S. markets recover from steep losses
LONDON, March 16 (UPI) -- British Chief Secretary to the Treasury Liam Byrne said a European Commission warning about Britain's debt was overstated.
"We think the EU has got the judgment wrong," Byrne said concerning a leaked EU warning that said Britain's current budget plan "is not sufficiently ambitious and needs to be significantly reinforced," to bring the country's debt into compliance with EU guidelines.
The EU's financial targets call for government debt that is no higher than 3 percent of a country's gross domestic product.
Further, the warning says the government's massive bank bailouts have made trimming back on borrowing difficult for Britain, The Times of London Online reported Tuesday.
Byrne said the EU plan "would require us to take something like $30.3 billion more out of the economy by 2014-15, and we think that would do irreparable damage to public services or to taxpayers."
"We think that halving the deficit over four years is the right approach. We think that is not reckless. It's not painless, either," he said.
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The flight decks and avionics of the U.S. and NATO Airborne Warning and Control System aircraft fleet will be modernized under a $368 million Boeing contract.
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It is a whole new ball of wax in Europe these days.
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