Italy presses ahead with balanced-budget measures

Italy's government is pressing ahead with a proposed constitutional amendment calling for a balanced budget, a day after the Senate approved a much-revised austerity plan to calm financial markets, according to AP. The Cabinet on Thursday signed off on the proposed amendment. It must be approved by a two-thirds majority in each house of Parliament. Economy Minister Giulio Tremonti called for a 'constructive and quick' parliamentary discussion and predicted it would ultimately pass. The Cabinet met a day after the Senate approved a separate austerity package aimed at reducing the deficit by more than ?54 billion ($70 billion) over three years through budget cuts, tax hikes and changes to Italy's costly pension system.