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March 6, 2010

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Germany will trim spending

GERMAN law makers have moved to trim back the government's borrowing plans for this year.

The lower house of parliament yesterday said its budget committee decided to cut new borrowing in this year's budget to 80.2 billion euros (US$109.3 billion) from the 85.8 billion euros proposed by Chancellor Angela Merkel's government.

It also decided to reduce spending to 319.5 billion euros from 325.4 billion euros.

The revised borrowing figure is still a post-World War II record. The existing high of some 40 billion euros dates back to 1996. Parliament is expected to vote on the budget later this month.

Germany's budget deficit was 3.3 percent last year, over the 3 percent maximum set by the European Union.


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