Japan Approves Record $814 Billion Budget After Tax Hike

January 14, 2015 2:36 AM

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Japan's Cabinet approved a record 96.3 trillion yen ($814 billion) government budget for the coming fiscal year Wednesday after a tax hike to accommodate rising outlays for social security and defense.

Rising revenues following the sales tax increase last April enabled Prime Minister Shinzo Abe to raise spending without increasing the proportion financed by new government bonds, though the total national debt is still about twice the size of the economy.

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