News Briefs

  1/29/2013, Shevat 18, 5773

Report: Staff Appointed to Cut Budget by NIS 20 Billion

Prime Minister Binyamin Netanyahu appointed a secret team, in the last few days, charged with formulating a plan to cut 20 billion shekels from the budget, according to a Tuesday-morning report by the Mamon financial section of Yediot Acharonot.

After receiving all the budget data and information about the economy, members of the team came to the conclusion that the recently-discovered NIS 39-billion shortfall is expected to grow in the next few months. A reduction in tax revenue and expenses that were not taken into account, such as pension and unemployment payments, were cited in the financial forecast.