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BOI: More serious spending cuts needed

The Bank of Israel said Tuesday that more serious spending cuts will be required in next year's budget in order to maintain deficit targets, Israel Radio reported.
An expected slowdown in growth will lead to decreased government revenues, according to the report, which means spending must be cut to avoid increasing deficits. The recent package of tax increases and spending cuts should help the problem, according to the report.
The central bank also reported that growth for 2012 was expected to settle at 3.1%, and that inflation would stand at 2.4 percent. 
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