Italy's Monti to call it quits after Berlusconi withdrew support; waiting to pass budget law

Italian Premier Mario Monti has told the country's president that he intends to resign since Silvio Berlusconi withdrew his support for the year-old government of technocrats and intends to quit as soon as Parliament passes critical budget legislation.

President Giorgio Napolitano's office announced Monti's plan after the chief of state met with Monti for nearly two hours Saturday night at the presidential palace in Rome. Berlusconi announced hours earlier he is running to regain the premiership in elections in early 2013.