2015 Event After a credit rating downgrade to 'junk' by Standard & Poor's, Brazil implements a $17 billion austerity package that will eliminate ten government ministries, cut public spending, and halt both hiring and salary increases in the public sector 2015 Event Iraqi Prime Minister Haider al-Abadi gains parliamentary approval for his proposed reforms to fight corruption and reduce government spending; the measures include eliminating certain government positions and reexamining closed corruption cases 2014 Event While the world economy is growing, forecasts have been reduced due to weak global investment spending and risks to U.S. growth stemming from potential Federal Reserve attempts to end stimulus efforts 2014 Event Spain will increase spending in an $8.2 billion program aimed to stimulate economic growth; the country has been working to overcome an unemployment rate of 25%, but recent reports have shown an encouraging decline in jobless claims 2014 Event New Italian Prime Minister Matteo Renzi announces plans to cut government spending and use the funds to decrease taxes on individuals and regional businesses; Italy's unemployment rate increased 0.2 percent in January to 12.9 percent 2014 Event The Brazilian government plans to cut its spending by almost $19 billion this year in an effort to reduce the country's debt and inflation growth; economists have revised current year GDP and next year's growth forecast downward in recent weeks 2014 Event The U.S. Congress will as for $4.5 billion for additional missile defense spending over the next five years; the funds would partially pay for new radar in Alaska, indicating safety concerns regarding missiles from Iran and North Korea 2013 Event A partial shutdown of government agencies occurs after the U.S. House and Senate files to agree on a spending bill to keep government operations running 2013 Event Nelson Mandela, South Africa's former President, is released after spending almost three months in a Pretoria hospital 2012 Event David Cameron, Britain's Prime Minister, suggests government spending cuts will be required until the end of the decade 2012 Event More than 700 writers, academics and others send a letter to protest the planned spending of $300 million on the Fifth Avenue Branch of the New York Public Library 2012 Event In 2012, the People's Republic of China will increase its defense spending by 11.2 per cent 2012 Event U.S. President Barack Obama announces plans to dramatically cut defense spending 2011 Event China reports plans to increase its 2011 defense spending by 12.7% 1987 Event Japan 1st exceeds military spending cap of 1% of GNP ($23 billion) 1561 Event Mary Queen of Scots arrives in Leith Scotland to assume throne after spending 13 years in France
