Britain announced a far-reaching deficit-reduction plan Tuesday aimed at saving billions of dollars over the next five years, becoming the latest European nation to slash spending amid increased worries about rising public-sector debt. The Washington Post reports that the move comes despite a plea last week from President Obama for the Group of 20 governments to hold back on fiscal tightening until the global economic recovery strengthens. Leaders from the G-20 are scheduled to meet in Toronto this weekend, and the talks are expected to highlight growing differences between the United States and Europe over the timing of budget cuts.

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