Japan's ruling DPJ has record budget passed through Diet

20:58, March 24, 2010      

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The Democratic Party of Japan's ( DPJ) fiscal 2010 budget worth a record 92.30 trillion yen (1.03 trillion U.S. dollars) cleared Japanese Diet on Wednesday.

The budget for the new fiscal year starting from April was passed at the House of Councillors at a plenary session on Wednesday afternoon. It cleared the more powerful House of Representatives early this month with the approval of the DPJ and its two junior coalition partners.

Following passage of the budget, the ruling coalition of the DPJ, the Social Democratic Party (SDP) and the People's New Party (PNP) will ratify a number of key statutes by the end of March, including those to make provisions for family allowances and dispensing with fees for senior high schools.

Fresh government bonds worth a record 44.3 trillion yen (495.80 billion U.S. dollars) will be issued to fund the 2010 budget in light of tax revenues plummeting to levels not seen since 1984.

As tax revenues fall, the cost of social welfare will rise 9.8 percent, from initial forecasts for fiscal 2009, to 27.27 trillion yen (305.30 billion U.S. dollars), sources close to the matter said, adding that expenditure for public works projects will drop 18.3 percent to an allocation of 5.77 trillion yen (64.57 billion U.S. dollars), the lowest apportionment for such projects in more than 30 years.

Source: Xinhua
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