Chancellor Olaf Scholz speaks during a hearing at Germany’s lower house of parliament Bundestag following the ruling of Germany’s Constitutional court that the government’s re-location of 60 billion euros ($65 billion USD) of unused debt from the pandemic era to climate fund was illegal, in Berlin, Germany, November 15, 2023. … Acquire Licensing Rights
Nov 27 (Reuters) – Germany’s cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday.
The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January.
The cabinet would base its reasoning for a renewed suspension of the country’s debt brake on 2022 reasoning, the spokesperson added, speaking at a regular press conference in Berlin.
Chancellor Olaf Scholz’s government was forced to freeze most new spending commitments after the constitutional court blocked plans to repurpose unused pandemic funds towards green projects and industry subsidies, wiping billions from the federal budget.
Reporting by Amir Orusov and Christian Kraemer, Editing by Rachel More
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