Germany's Cabinet OKs cuts in budget
By Geir Moulson |
July 8, 2010, Thursday
|
Print Edition
Print Edition
Germany's Cabinet yesterday approved a 2011 budget that foresees a 3.8 percent cut to spending from this year and lower new borrowing, aimed at putting Europe's biggest economy on track to reduce its debt.
The budget calls for total spending of 307.4 billion euros (US$387 billion) - down from a planned 319.5 billion euros this year. The government plans to reduce spending further to 301 billion euros in 2012 and leave it around that level for the following two years.
Net new borrowing in 2011 is pegged at 57.5 billion euros, down from an expected 65.2 billion euros in 2010. It is supposed to sink to 24.1 billion euros in 2014.
The government has revised this year's forecast down from 80.2 billion euros because relatively tame unemployment - 7.5 percent in June - kept down spending on benefits.
Germany has been a leading advocate of saving to cut back budget deficits, although the United States and others have cautioned against killing the recovery by retrenching too rapidly. The G20 economic powers last month committed developed countries to cutting deficits in half by 2013.
The budget calls for total spending of 307.4 billion euros (US$387 billion) - down from a planned 319.5 billion euros this year. The government plans to reduce spending further to 301 billion euros in 2012 and leave it around that level for the following two years.
Net new borrowing in 2011 is pegged at 57.5 billion euros, down from an expected 65.2 billion euros in 2010. It is supposed to sink to 24.1 billion euros in 2014.
The government has revised this year's forecast down from 80.2 billion euros because relatively tame unemployment - 7.5 percent in June - kept down spending on benefits.
Germany has been a leading advocate of saving to cut back budget deficits, although the United States and others have cautioned against killing the recovery by retrenching too rapidly. The G20 economic powers last month committed developed countries to cutting deficits in half by 2013.
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