The administration of President Donald Trump has ordered senior leaders at the Pentagon and throughout the U.S. military to develop plans for 8% cuts to the defense budget in each of the next five years,

The move could reduce defense spending projections by hundreds of billions of dollars over the next five years.

South Africa's Finance Minister Enoch Godongwana has been forced to postpone the unveiling of the national budget following sharp disagreements within the coalition government. Coalition partners derailed his budget after opposing his plan to raise value-added-tax (VAT),

Mtambo CAPE TOWN (Reuters) - South Africa's national budget was postponed on Wednesday because the two biggest parties in the ruling coalition disagreed over raising value-added tax, an unprecedented delay that caused the rand and government bonds to fall.

The South African government's annual presentation of its budget was abruptly canceled Wednesday and rescheduled for next month over a dispute among parties in the governing coalition. The finance minister's budget speech normally takes place in February.