Minister: Germany close to balanced budget in 2013
BERLIN (AP) — Germany's finance minister says the government will come close to balancing its budget next year as economic growth outpaces public spending.
Germany, Europe's biggest economy, has been working toward a target of fully balancing its budget in 2016. On Friday, Chancellor Angela Merkel said that "must be our essential aim, because we have this obligation toward our children and grandchildren."
Finance Minister Wolfgang Schaeuble indicated in an article for the Tagesspiegel newspaper released Saturday that the government is ahead of target. He said the federal government expects a "near-balanced budget" in 2013.
Schaeuble said Germany's budget deficit will fall below 0.5 percent this year. Last year, it was 1 percent.
The country's healthy public finances have been helped by a robust economy that has produced increases in tax income.
Germany, Europe's biggest economy, has been working toward a target of fully balancing its budget in 2016. On Friday, Chancellor Angela Merkel said that "must be our essential aim, because we have this obligation toward our children and grandchildren."
Finance Minister Wolfgang Schaeuble indicated in an article for the Tagesspiegel newspaper released Saturday that the government is ahead of target. He said the federal government expects a "near-balanced budget" in 2013.
Schaeuble said Germany's budget deficit will fall below 0.5 percent this year. Last year, it was 1 percent.
The country's healthy public finances have been helped by a robust economy that has produced increases in tax income.
Here is the cold, stark reality for our country and our children: We are more like Greece than Germany.
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Well done, Germany..! Â
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Too darned bad some people in the US can't go over to Germany and learn how it's done... Â As it is, I don't see it happening here in my lifetime; the people in gov't who SHOULD be doing this are all bought-and-paid-for, and we-the-voters can't seem to break ourselves free from the Repubs and Dems.
U.S. Balanced budget, not going to happen any time soon.
Nice work Germany. You are an example and inspiration to the rest of the world. Unfortunately the rest of the world doesn't get it.