News and Updates
Cabinet approves plan for two-year budget
The cabinet unanimously approved the first two-year budget in Israel's history yesterday at its first regular Sunday morning meeting. Finance Minister Yuval Steinitz proposed that the 2009 and 2010 budgets be approved by the Knesset at the same time and together as a single package. The Knesset has never been presented with - or voted on - a two-year budget. However, such a move requires changing two fundamental law changes: on the Basic Law on The State Economy and the basic law governing the budget.
In addition, the cabinet wants the Knesset to approve a delay in passing the budget as well. Existing laws require the cabinet to pass the 2009 budget within 45 days of the establishment of Prime Minister Benjamin Netanyahu's new government, otherwise the government will fall and new elections are required.
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Brought by: Eitan Behar
