UK PM Cameron: Economy "Worse Than We Thought"

In one of his first economic addresses since taking office as Britain's new prime minister, David Cameron warned his constituents of tough economic times ahead, stating that the UK's financial situation is "worse than we thought." Pointing to a budget deficit of 11% of GDP, as well as debt obligations of more than $1.12 trillion, Cameron stressed the need for austerity measures and warned Britons that tough decisions would have to be made to reduce spending and shrink the deficit. It is unclear as to how successful Cameron's untested ruling coalition will be in accomplishing his plans for financial recovery, seeing as how his government is supported by a bare majority in Parliament. What is known, though, is that UK's financial situation, while better than that of Greece, is a far cry from stable. It remains to be seen if UK voters will stomach the measures Cameron deems necessary to right a floundering ship.