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Portugal and even Germany have also announced budget cuts.
See article Britain's government also announced budget cuts worth £6.2 billion ($8.9 billion).
No state has announced budget cuts yet, but several expect to soon.
In 2018, California Governor Jerry Brown announced budget cuts to the state's community college system of $102 million.
Still, European stock markets seemed to stabilize after Spain announced budget cuts and Portugal had a successful bond sale.
In Britain, even before taking into account the recently announced budget cuts, it was set to equal 2.5 percent.
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Eventually, the competition for the title of "biggest spender" became so great, producers announced budgets that were sometimes twice the actual bloat.
Osborne announces budget day - 19 March 2014.
Already the slowdown, along with lower oil revenues, has obliged the government to announce budget cuts.
France has been slower to announce budget cuts, partly reflecting the fact that its budget deficit is less alarming.
In Iowa, Gov. Tom Vilsack is putting dozens of travel requests from state agencies on hold, and he plans to announce budget cuts on Thursday.
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