German Lawmakers Back 2026 Budget With €98 Billion in Net Debt
Friedrich Merz casts his ballot for the federal budget 2026 during a debate at the Bundestag, on Nov. 28.
Photographer: John Macdougall/AFP/Getty Images
Lawmakers in Germany’s lower house of parliament gave their final approval to the government’s 2026 budget, including net new federal borrowing of €98 billion ($114 billion).
Chancellor Friedrich Merz’s ruling coalition with the Social Democrats has cast aside traditional German fiscal prudence to launch a massive debt-financed program to expand the armed forces and renovate decaying infrastructure.