BREAKING NEWS

Cabinet approves 4.65% deficit target

MAY 5, 2013 14:16

The cabinet on Sunday approved Finance Minister Yair Lapid's proposal to raise the 2013 deficit target to 4.65% from 3%, and the 2014 target to 3% from 2.75%.

Lapid had originally proposed raising the 2013 target to 4.9%, a step that would help him avoid tough cuts, but lowered the increase to 4.65% after a harsh backlash from economic policy makers. Limiting cuts, however, earned him plaudits from opposition politicians concerned about the effects cuts would have on lower economic classes.

Bank of Israel Governor Stanley Fischer has repeatedly called for keeping the deficit under control, emphasizing that it was important for the economy's long-term stability.

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