Spain's next prime minister says his conservative government wants to reduce the country's deficit by €16.5 billion ($21.6 billion) next year and warns that very hard times lie ahead.
Mariano Rajoy spoke to Parliament but did not say what mix of spending cuts or tax hikes might be used to get the deficit down to Spain's stated goal of 4.4 percent of GDP in 2012.
Rajoy reviewed Spanish economic figures such as its jobless rate, which he said had risen to around 23 percent. He said "the panorama could not be more somber."
Rajoy's Popular Party won Nov. 20 elections by a landslide. He has a comfortable majority in Parliament and will be voted in as premier on Tuesday, then formally take office Wednesday.
Copyright 2011 The Associated Press.