Tag Archives: Budget

Japan ruling party pushes budget bill

Japans ruling party pushed a budget bill for the new fiscal year through the key lower house on Tuesday, but the prospects of other bills necessary for it to be implemented look bleak.As a matter of formality, the opposition-controlled upper house will debate the 92.4 trillion yen 1.1 trillion yen spending plan for the year starting on April 1.The constitution provides that a state budget becomes law even if the upper House of Councillors rejects it or fails to vote on it within 30 days after it is approved by the House of Representatives.But Prime Minister Naoto Kans Democratic Party of Japan DPJ, which holds a majority in the lower house, is expected to meet further resistance over the budget which aims to boost the flagging economy but adds to a mountain of public debt.The opposition parties are ready to shoot down a number of other bills necessary to put the budget into effect, including one designed to enable the government to issue deficit-covering bonds worth 38.2 trillion yen to fund the planned spending.

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