German Parliament Adopts 2024 Federal Budget
Budget Reflects Financial Policy for Changing Times
On February 2, 2024, the German Bundestag adopted the federal budget for 2024. Until the budget was promulgated in the Federal Law Gazette on February 12, 2024, the German government operated on an interim budget based primarily on Article 111 of the German Basic Law.
Budget Overview
The 2024 federal budget provides for revenues and expenditures of 445.7 billion euros, approximately 31 billion euros less than the current year's budget. The budget reflects the financial policy for these changing times, including the ongoing war in Ukraine, high inflation, and rising interest rates.
Key Budgetary Features
The President's Budget for Fiscal Year 2024, available at GovInfo, includes the following key budgetary features:
- Funding of 61 billion over six years and 14 billion per year ongoing for a new Canada Disability Benefit
- Investments in America, lower costs, and tax cuts for working families
- Extension of 2023 budget spending levels under continuing resolutions
Budget Presentation
Canadian Finance Minister Freeland is expected to present the federal budget on March 23, 2024, at approximately 4 pm.
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