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German Cabinet signs off on 2023 budget with return to debt brake

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The German Cabinet has signed off on a 2023 budget that reinstates the so-called debt brake after it was suspended for three years to cope with the fallout of the coronavirus pandemic, Finance Minister Christian Lindner said on Twitter Friday. The budget includes borrowing amounting to €17.2 billion ($18 billion) next year, meaning that Lindner is adhering to the constitutional rule that limits Germany’s public deficit to 0.35% of economic output unless there are exceptional economic circumstances. Dennis Rohde, the budgetary spokesperson of the governing SPD’s parliamentary group, said: “We p…

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