BREAKING NEWS

Sources: Netanyahu backs raising deficit to 3 percent

By ADRIAN FILUT/GLOBES

JUNE 26, 2012 12:44

Sources inform ''Globes'' that Prime Minister Binyamin Netanyahu has decided against the officials at the Finance Ministry, and will not raise taxes in 2013. Instead he will double the deficit target to 3% of GDP. He broke the news to the officials during a meeting this morning.

The original deficit target for 2013 was 1.5% of GDP; a 3% target means a deficit of NIS 13.5 billion.

Defense Minister Ehud Barak has long called for raising the deficit target by 0.9% in order to meet demands for social spending without cutting the defense budget supplements. Vice Premier Shaul Mofaz has also called for meeting the demands for social spending.

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