Tax & Spend
German Budget Lawmakers Approve Net New Borrowing of €39 Billion
- Finance plan in line with debt brake enshrined in Basic Law
- Another suspension still possible in case of an emergency
This article is for subscribers only.
German budget lawmakers late Thursday approved the federal government’s delayed finance plan for 2024, which restores a constitutional limit on net new borrowing for the first time since 2019.
The plan foresees net new debt of €39 billion ($42.3 billion) this year, according to documents seen by Bloomberg News. It was signed off by lawmakers in the lower house of parliament’s budget committee, the latest step in a process that should lead to final approval in the upper house in early February.