Finance Minister Ronnie Bar-On presented the proposed 2008 budget at a press conference Sunday afternoon, warning that it is "an illusion to think that we have resources to solve all problems." He said the budget meets educational and social needs.

Finance Minister Bar-On, who took office one month ago, noted that private bills submitted by Knesset Members last week included expenditures of an additional 20 billion shekels ($4.6 billion).