Voting on the budget (illustrative)
Voting on the budget (illustrative)Flash 90

The broad spending cuts requested by the government and Finance Ministry of the Finance Committee will aim to reduce government spending by 1.65 billion NIS ($471,726,750), 365 million NIS ($104,380,875) more than previously approved, Israel Hayom reported.

The proposal, submitted to the Finance Committee on Wednesday night, includes a 1.28 billion shekel ($366,048,000) cut for government offices, as well as an additional cut of 365 million shekels and the elimination of 260 jobs.

According to Israel Hayom, most of the money will be put towards the creation of an underground fence between Israel and Gaza, which is expected to cost 800 million NIS ($228,832,944). Another 400 million shekels ($114,390,000) will be put towards funding afternoon programs from September through December. If there were no cuts, government-funded afternoon programs would end on August 31.

An additional 80 million shekels ($22,878,000) will be used to compensate the residents of Mevo Modi'im and Maaleh Hahamisha for the arson fires earlier this year, as well as to create a new town for Mevo Modi'im's residents.