The city Legislature passed the 2011 Budget after the PRO party managed to reach an agreement with several members of the opposition. 26 legislators voted in favour of the bill, while 15 voted against it and 18 didn't cast their vote.
Economy Minister Amado Boudou’s presence in Congress marked the official start to the debate over the Budget bill that the Executive sent to lawmakers on September 15.
Economy Minister and Victory Front Vice-Presidential candidate Amado Boudou said that he hopes Congress will pass the 2012 budget “as soon as possible” because it provides the country with “a sense of certainty.”
A bitter mood prevailed on Capitol Hill as US lawmakers struggled to find a compromise measure to lift the nation's $14.3 trillion debt, as talks to avert a ruinous default went down to the wire.
Economy Minister Amado Boudou stated that the Government expects "to deal with a more serious opposition this year that won’t leave the country without a budget again,” while meeting with Bariloche businessmen affected by volcanic ash spewed by Chile’s Puyehue volcano.
Budget Committee of the Buenos Aires City Legislature passed a number of economic bills that will be debated next Thursday, the 2012 Budget bill that includes the raise in the ABL property tax among them.
Economy Minister Hernán Lorenzino said before Parliament today the government does not foresee a “strangling of the trade balance” for 2012, anticipating a positive result.
The Senate’s Budget and Treasury Committee cleared the 2012 budget bill, which will be discussed on the floor next Wednesday. The extension of the economic emergency bill as well as the one on cigarette and checks taxes were also cleared for debate.
The Buenos Aires province Legislature passed the 2012 Budget law, which foresees expenses of 113 billion pesos and a need of financing of 6.6 billion and a 46 percent increase in the urban property tax. It also approved the Fiscal Law.
Buenos Aires province Governor Daniel Scioli confirmed today that there have been no delays or cuts with the so called ‘co-participation funds’ sent by the national government to his administration.
President Cristina Fernández de Kirchner blasted once more the European cuts’ recipe and gave Netherlands as an example of the consequences of the cuts applied during a crisis. The Head of State referred to the resignation of the Dutch Prime Minister, Mark Rutte.
Economy Deputy Minister Axel Kicillof, along with Economy Secretary Juan Carlos Pezoa and Finance Secretary Adrián Cosentino, was presenting the main guidelines for next year’s Budget bill to the Lower House Budget and Finance Committee.
City Mayor Mauricio Macri came on stage today to reiterate the centre-right PRO party’s negative stance on the National Government’s decision to put forth the expropriation of petrol company YPF, throwing sharp critique against it. “I would like to communicate that we are not going to support this decision,” the city official stated.
The 2013 Budget bill was cleared for debate in the Lower House with 29 votes in favour and will be debated on floor next wek.
The Upper House of Congress will debate the Budget 2013 and "per saltum" bills in an intense session that is expected to last several hours.
The Workers Legislation, Budget and General Legislation committees of the Lower House of Congress cleared the workers risk insurance (ART) law reform for debate and will be at the floor on October 24. The bill has already been preliminary approved by the Senate.
Deputy Economy Minister Axel Kicillof was the key speaker in the 2013 Budget bill debate taking place in a special committe session in the Senate today. The bill was recently approved by lawmakers in the Lower House of Congress.
Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in.
Britain must cut its budget deficit and fix its economy or face long-term decline, Conservative Prime Minister David Cameron will say on Wednesday, seeking to convince voters that his austerity plan is the only way forward.
The IMF today backed giving debt-burdened Greece and Spain more time to reduce their budget deficits, cautioning that cutting too far, too fast would do more harm than good.
The parties that support Italian Prime Minister Mario Monti's unelected government demanded changes to his budget on Saturday, saying it would hurt households already suffering from austerity measures.
British Prime Minister David Cameron came under pressure to act tough on the European Union budget and France threatened to use its veto, signalling a divisive start to bargaining over the 1 trillion euro ($1.3 trillion) long-term spending plan.
Greece's ruling coalition secured enough votes in parliament today to approve the 2013 budget law, a crucial requirement for Athens to revive its stalled international bailout programme and avoid insolvency.
Amid a global fright over Washington's political brinkmanship, US lawmakers return to the capital tomorrow with a seven-week deadline to reach agreement on scheduled tax hikes and budget cuts that threaten to trigger another recession.
More than half of Europeans are obese or overweight, adding significant pressure to healthcare costs at a time when spending is being cut by governments, the OECD and European Commission said today.
During a "tour-de-table" among the EU's 27 leaders, it seemed for a moment that France, Poland, Italy and others might accept deeper cuts than originally proposed, diplomats said today after the summit broke up without agreement.
European Central Bank President Mario Draghi said that budgetary consolidation in the euro zone would entail a short-term economic impact but the bloc was on track for a recovery in the second half of 2013.
European Union leaders reached agreement on the bloc's long-term spending plans until the end of the decade today after more than 24 hours of negotiation, the president of the European Council said.
Britain will have to keep cutting public spending to reduce the budget deficit, Prime Minister David Cameron said, underlining the government's tough task of trying to shunt the economy out of recession and winning back waning public support.
Dutch Prime Minister Mark Rutte tendered his government's resignation today in a crisis over budget cuts, creating a political vacuum in a country which strongly backed an EU fiscal treaty and lectured Greece on getting its finances in order.
Spain announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts in what many see as an effort to pre-empt the likely conditions of an international bailout.
President Francois Hollande puts his fiscal credibility on the line on Friday when he delivers France's toughest budget in 30 years in the face of a stagnant economy, record unemployment and plunging poll ratings.
The Dutch caretaker government scrambled to strike a deal with opposition parties on a 2013 budget that would cut the deficit, before an EU deadline, with ministers and opposition politicians saying there was scope for progress.
Italy is likely to register a strong protest vote against belt-tightening in local elections that will provide a fresh snapshot of Europe's changing political landscape a year ahead of a national ballot.
UK’s Defence Secretary Philip Hammond announced that 17 units are to be axed from the British army as part of sweeping reforms that will reduce its overall strength by 20,000 posts.
Finance ministry officials in Greece have calculated that the debt-stricken country's economy will recover faster and its debt be more sustainable if it is given two more years to reduce its budget deficit, a Greek newspaper reported.
Spain announced deep cuts to its central government budget today as it battles to convince European partners and debt markets it can rein in its budget deficit.
Fitch Ratings warned it may cut the United States' AAA rating if policymakers fail to agree in 2013 on a plan to reduce the country's ballooning budget deficits.
US President Barack Obama formally notified Congress that he plans a $1.2 trillion increase in the US debt limit, setting the stage for Republicans to level election-year charges that deficits are out of control.
President Barack Obama called today for aggressive spending to boost growth and for higher taxes on the rich, laying out an election-year vision for the US in a budget that was criticized sharply by Republicans for failing to curb the deficit.
US Treasury Secretary Tim Geithner today said the Obama Administration's plan to revamp the corporate tax system will cut "dozens and dozens" of tax breaks enjoyed by business, while keeping a limited number that focus on keeping jobs in the United States.
All but two European Union countries signed a treaty on tighter budget discipline for the euro zone today, marking a coup for Germany which pushed for the accord to try to prevent a repeat of the loose spending that led to a debt crisis.
UK's Chancellor George Osborne said he would use his 2012 budget to help those at the bottom of the earnings ladder, hinting he could go further in lifting more people out of paying income tax.
European Union negotiators agreed to a two percent rise in the bloc's budget for next year to 129 billion euros ($174 billion), following more than fifteen hours of talks which ended in the early hours of Saturday morning.
Britain denied a newspaper report that it was considering making deeper cuts to its army than previously announced and soldiers wounded in Afghanistan would not be exempt from losing their jobs.
Greece's new government took a first step towards meeting terms of an international bailout needed to avoid bankruptcy, submitting a budget bill that foresees no new austerity measures next year as long as reforms are enacted.
US House of Representatives Republican leaders presented to their membership a USD$39 billion spending cut plan aimed at averting a government shutdown, according to Republican lawmakers.
US Congress approved a budget deal to avert a government shutdown, but mass defections in both parties highlighted the difficult fights ahead on spending and debt reduction.
Ireland's parliament pushed through the third major vote underpinning its harsh 2011 budget, setting the stage for its expected approval next month and a general election shortly afterwards.
Prime Minister David Cameron ruled out big tax cuts at next month's budget, confirming in a Sunday newspaper interview that his focus remained on reducing Britain's budget deficit.
President Barack Obama proposed a budget that would cut the US deficit by US$1.1 trillion over the next 10 years, but Republicans said it did not curb spending deeply enough.
Clubs and players lashed out after the French government unveiled its 2013 budget, saying new tax plans would have a "disastrous effect" on domestic football.
State funding for Spain's sports federations will be slashed by more than a third next year to 31 million euros ($40.20 million), secretary of state for sport Miguel Cardenal told parliament.
Economy Minister Amado Boudou will formally present and defend the 2012 draft Budget at the Lower House of Congress today.