Budget Committee Approves €524.5 Billion 2024 Federal Budget
BERLIN – The German Bundestag‘s Budget Committee today approved the federal budget for 2024, totaling €524.5 billion. The vote marks a critical step in securing funding for government programs and initiatives throughout the coming year, though significant financial challenges remain.
The approved budget comes as Germany grapples with a projected shortfall of €22 to €23 billion for 2027, according to recent tax estimates. Leaders from the governing coalition – including SPD Secretary General Kevin Klingbeil, CDU Chairman Friedrich Merz, and CSU leader Markus Söder – are slated to unveil an austerity package around the new year, with discussions currently focused on potential cuts to subsidies and funding programs. This budget approval sets the stage for those difficult negotiations, impacting a wide range of public services and economic sectors.
The committee’s decision follows intense debate over spending priorities and fiscal responsibility. While the budget aims to balance necessary investments with budgetary constraints, the looming financial gap underscores the need for further austerity measures. The coalition partners are expected to present a comprehensive plan to address the shortfall in the coming weeks. [dpa]
