Japan Diet Passes 1999 Budget
The lower house of the Japanese Diet approved Japan's 1999 budget yesterday, hoping to push the economy out of its worst recession in decades by boosting spending and cutting taxes.
The $682.5 billion plan, which now goes to the upper house for a vote, is packaged with legislation cutting taxes by more than $75 billion.
The plan is aimed at pumping more money into Japan's moribund economy, which is suffering from anemic consumer spending, a record-high unemployment rate and a hobbled financial system.
The vote in the powerful lower house ensures the plan will be enacted in its present version on March 21, even if the weaker upper house rejects the package in a symbolic vote. The fiscal year begins on April 1.
WorldNews 1999-02-20 Page3
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