Audio Transcript:

LISA MULLINS: There's been a lot said about �austerity measures� in Europe lately. Many governments there are making painful cuts to rein in debt. And not just governments, it seems. Britain's Queen Elizabeth has just instituted an austerity measure of her own. She's cancelling her staff's Christmas party. It's not because of royal debt. A spokesman for the Queen said that it's because she's acutely aware of the difficult economic circumstances facing the country. She's decided to quote, �show restraint,� even though the Queen traditionally pays for the party out of her own pocket. In the past, the Christmas party has seen the likes of the Queen's husband, Prince Philip, hitting the dance floor along with about 600 members of the Royal household. No word yet on Prince Philip's reaction to the news. This is PRI.