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  5/14/2012, Iyar 22, 5772

Gafni Warns of Period of Big Budget Deficits


Chairman Moshe Gafni of the Knesset Finance Committee said, Monday morning, "We stand before a difficult period of a large deficit which will require budget cuts and possibly the raising of certain taxes, such as the excise tax on fuel, increasing water and electricity tariffs and the prices of many products."

Gafni's warning came at the begining of a meeting in which the committee was expected to approve orders to reduce the exemptions on imported cigarettes and to raise taxes on tobacco-related products. It is the third meeting on the subject, following stormy debate and objections by committee members.