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Germany will see a record budget deficit of 240 billion euros this year

Germany will see a record budget deficit of 240 billion euros this year

Germany’s budget for this year will end with a record deficit of 240.2 billion euros (6.2 trillion CZK). Today, the Federal Reserve agreed to approve an additional debt increase of 60.4 billion euros (1.6 trillion CZK). Finance Minister Olaf Schultz has called for an increase in the deficit due to increased spending on managing the consequences of the Covid-19 pandemic.

370 members raised their hands to increase the deficit compared to 78 members, with 184 abstentions. The change was supported by legislators from the CDU / CSU Conservative Union and the Social Democratic Party (SPD). He was against the Liberals (FDP), the Post-Communist Left and the Alternative to Germany (AfD), which has been described as a populist far right. The Green Party, which hopes to form a government, has abstained after the September elections.

In a parliamentary debate, Schulze said that increased debt is essential to support society as a whole during the outbreak. The Finance Minister, who is also the Vice Chancellor, has also repeatedly reassured that the German economy is strong enough to handle debt.

Last year’s budget ended with a deficit of 218 billion euros (5.6 trillion CZK), the highest in the history of the federal republic. For this year, Schulz has planned a deficit of around 180 billion euros (4.7 trillion CZK). Due to the unfavorable development, which included additional costs to help entrepreneurs and buy vaccines, as well as a lack of tax revenue, but demanded more debt.

From next year, Schulze wants to slow the pace of debt, with a deficit of 81.5 billion euros. The final composition of the budget, which the government wants to prepare in the summer, will be decided by the Federal Assembly in its new composition. Parliamentary elections await the country in September, after which a coalition of Greens, liberals and Social Democrats led by Schulz could take power.

Source: Reuters, CTK

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