Tax & Spend
Germany Risks €24 Billion Budget Hole, Lawmaker Says
- Government forced to overhaul spending plans by court ruling
- FDP’s Fricke speaks in interview with Bloomberg Television
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Germany has a potential hole in its 2024 budget of as much as €24 billion ($26.4 billion), though the exact figure is still very much up in the air, according to a senior lawmaker from Chancellor Olaf Scholz’s ruling coalition.
The government in Berlin has been forced to overhaul its finance planning due to this month’s bombshell judgment by Germany’s top court, which called into question the practice of using special funds. As things stand, billions of euros must be shifted into the regular federal budget next year without breaking rules that restrict net new borrowing.