Spain rejects government funds to help economy

World Cup champion Spain is doing its part to help the country's ailing economy by voluntarily rejecting its allotment of government money.

Spain's soccer federation says that because of the "precarious circumstances of the economy" it wants the funds put to the "benefit of other sports."

The federation reportedly receives $4.3 million in public funds annually, which will be diverted among the other 65 sports federations. The world and European champions left open the possibility of receiving these funds again next year.

Spain's government announced a deficit reduction package that includes spending cuts and tax hikes to help ease its bloated deficit and unemployment rate of nearly 23 percent.