Japan's Cabinet approves record $814 billion budget after tax hike increases revenue

January 14, 2015 4:00 AM

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Japan's Cabinet approves record $814 billion budget after tax hike increases revenue

FILE - In this Wednesday, Dec. 24, 2014 file photo, Japan's Prime Minister Shinzo Abe speaks during a press conference at his official residence in Tokyo after taking office for a third term as prime minister. Japan's Cabinet approved a record 96.3 trillion yen ($814 billion) government budget for the coming fiscal year Wednesday, Jan. 14, 2015. (AP Photo/Shizuo Kambayashi, File) (The Associated Press)

TOKYO – 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.

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