Great Britain Goes Small with Austerity Measures

Britain's public deficit is proportionally even bigger than that of the US, and the newly elected government promised massive cuts. In the past two days, coalition leaders have announced a 19 percent reduction, including hundreds of thousands of layoffs. Welfare's being squeezed, government workers will lose their jobs and Prime Minister David Cameron concedes that Britain will "no longer be able to deploy forces of the size seen in Iraq and Afghanistan." That's according to Andrew Miller of Economist magazine.