They raised taxes to plug the massive deficit, reformed the tax system, and slashed expenditure.
He attributes much of the improvement to companies "slashing expenditures" rather than increasing sales.
However, the spending plan would cut funding for global AIDS programs while slashing expenditures on the Centers for Disease Control and Prevention by about 10percentt.
Stockton is upholding its CalPERS payments even as it slashes expenditures elsewhere; stopping pension payments, argue officials, would make it impossible to recruit essential public-safety workers.
But colleagues at WHO tell me that the focus of the reform process is all about creating efficiency by slashing expenditures, increasing resource mobilization, and reducing the $300 million deficit over the next three years.
It is now facing a $150bn shortfall in its spending plans - and will have to slash expenditure in 2009.
Slashing expenditure on social services and other benefits is certain to be an unpopular move with the public, whose resources are already stretched.
Obafemi Martins, Sebastien Bassong, Damien Duff, Habib Beye and Geremi were among those to depart as the Magpies attempted to slash expenditure.
Max Mosley, the FIA president, yesterday slammed the world's leading car makers for pushing the cost of competing in formula one to unrealistic levels as he unveiled the governing body's draconian plans to slash expenditure from the start of the 2008 season.
The cuts outlined in the report, Putting Quality First, include closing digital radio stations BBC 6 Music and the Asian Network, halving the size of the corporation's sprawling internet operation, capping spending on TV sports rights, slashing expenditure on foreign shows such as Mad Men, and a selloff of BBC magazines such as Top Gear.
