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The figure is about the same amount that Irish politicians have said they need to make in additional cuts in yearly government spending to reduce the country's debt levels.
The budget remains a mess, with billions of dollars in additional cuts or new revenues needed.
The institute said the Tories would have to identify £52.8 billion in additional cuts to meet their pledged deficit reductions over the course of a five-year Parliament.
But he has publicly opposed the $500 billion in additional cuts, which he described in a statement on Monday as tearing "a seam in the nation's defense".
Interest rate futures contracts are already pricing in additional cuts as soon as next month, and some economists forecast that the benchmark rate will fall to 5.25percentthis yearar.
Republicans, led by their most conservative members in the Senate, argue that the state cannot afford extensive programs at a time of deficits, and have asked for over $800 million in additional cuts.
Similar(37)
The approach of the current government is to ignore differences in need which is resulting in damaging additional cuts and economic pressures on northern regions and a redistribution of government funding.
They are holding hostage middle-class tax cuts in their pursuit of additional cuts in taxes for the wealthiest people in America.
The legislation, known on Capitol Hill as the "doc fix," would prevent a 21percentt cut in Medicare payments to doctors that is set to take effect in January, while also preventing additional cuts in the years ahead.
Lehman's chief financial officer, David Goldfarb, also said he was cautious about the summer, traditionally the slowest time of year on Wall Street, but expected the markets to recover in the fourth quarter after additional cuts in interest rates.
In December, Xerox laid off 625 workers in the United States and announced 665 additional cuts in Germany.
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