German Upper House of Parliament Backs Merkel’s 2012 Budget

Dec. 16 (Bloomberg) -- Germany’s upper house of parliament, the Bundesrat, today backed the 2012 budget of Chancellor Angela Merkel’s federal government, a Bundesrat press spokeswoman said.

The budget, which went through the lower house of parliament on Nov. 25, foresees net new borrowing of 26.1 billion euros ($34 billion) to help finance spending of 306.2 billion euros.

While the Bundesrat, which represents Germany’s 16 states, has the right to object to the Berlin-based government’s budget, the Bundestag, Germany’s lower house, can overrule Bundesrat opposition.

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