BREAKING NEWS

Netanyahu expands budget deficit instead of raising taxes

By NADAV SHEMER

JUNE 26, 2012 17:10

Prime Minister Binyamin Netanyahu overruled Finance Ministry demands Tuesday, deciding to double next year’s budget deficit ceiling to 3 percent of gross domestic product instead of implementing new tax hikes.

The government initially set the 2013 deficit target at 1.5% when it published multi-year projections two years ago. Senior Treasury officials had reportedly been pushing for an increase to 2.5% accompanied by tax hikes, but the prime minister announced the deficit would rise to 3% - or almost NIS 30 billion. Netanyahu and Finance Minister Yuval Steinitz also agreed to set new long-term deficit targets – lowering it to 2% by 2016 and 1.5% by 2019 – and to maintain their original goal of lowering debt-to-GDP ratio to around 60% by 2020.

S&P cuts Israel's long-term ratings to A+ from AA-

By REUTERS

04/19/2024 02:05 AM

Russian air defence intercepts 25 airborne targets over Belgorod region

By REUTERS

04/19/2024 02:03 AM

US officials say Ukraine will get weapons in weeks once aid approved

By REUTERS

04/19/2024 01:07 AM

Saudi Arabia placed this condition on normalization with Israel

By JERUSALEM POST STAFF

04/18/2024 10:34 PM