Israel Political Brief June 26, 2012: PM Benjamin Netanyahu Pushes for Deficit Spending



Netanyahu Pushes for Deficit Spending

Prime Minister Binyamin Netanyahu sought to offset reduced state revenues by setting a 3% deficit spending target.


Prime Minister Netanyahu and Finance Minister Steinitz on Sunday decided to seek a deficit target of 3% to compensate for reduced state revenues due to the slowdown in European economies.

In line with the decision, the government will be asked to set a lower deficit targets in the long run: 2% by 2016, and 1.5% until 2019.

Netanyahu noted that the government will make efforts to meet the objective of reducing the debt to GDP ratio in the field of 60% in 2020.

In their recommendation of the Minister of Finance is contrary to the position of Budget Division, proposed to increase the deficit target by only 1% – 2.5%.

Prime Minister Netanyahu said that the rise in the deficit to 3% instead of raising taxes will add to the budget 15 billion….READ MORE

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