Japanese told budget is due for some cutbacks

Prime Minister Zenko Suzuki, declaring Japan's public finances had reached a state of emergency, said Thursday the government is considering introducing a supplementary budget to cut public spending.

Suzuki did not specify where cuts would be made but mentioned education and social welfare as areas for review. Noting that Japan's public debt from outstanding issues of government bonds now totaled $346 billion, Suzuki said the situation was being aggravated by shortfalls in tax revenues.