The lower house of the German parliament, or Bundestag, finalized its 2024 budget on Friday, agreeing to keep the so-called debt brake and borrow around €39 billion ($42.5 billion). After a delay of several weeks, the hard-fought budget was passed and provides for expenditures of €476.8 billion. If borrowing remains at €39 billion, the debt brake would be adhered to again for the first time since the outbreak of the coronavirus pandemic. Germany's Basic Law aims to limit borrowing but allows for
Germany holds firm on austerity measures as it finalises budget for 2024
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After weeks of political wrangling and tough austerity decisions, the German parliament's budget committee approved a budget for 2024 on Thursday evening with expenditure of around €476.8 billion ($517.8 billion) and new loans totalling around €39 billion. The lower house, the Bundestag, and the upper house, the Bundesrat, are due to make a final decision on the 2024 budget at the beginning of February, but the so-called "clean-up meeting" of the powerful budget committee is already considered a