Italian Senate Starts Review of $65 Billion Austerity Plan
The Italian government’s 45.5 billion-euro ($65 billion) austerity package was formally presented in the Senate today, paving the way for the review process to start, the Senate said on its website.
The Constitutional Affairs and Budget Committee will start examining the bill next week and the full Senate will likely vote on the plan in the first week of September.
Italy’s deficit-reduction plan, approved by Prime Minister Silvio Berlusconi’s Cabinet on Aug. 12, aims to balance the budget in 2013 by raising the capital-gains tax, increasing levies on the highest earners, cutting government spending and reducing funding to regional administrations.
The measures, passed by decree, have taken effect immediately and must be approved by parliament within 60 days.
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