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I.O.U.

March 5, 2010

Germany's ruling coalition has passed its first budget, taking on a record 80.2 billion euros ($108.9) in new debt. That's double the highest debt record to date, set in 1996.

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picture of Euros and a German eagle, symbolizing budget
2010 debt is less than expected - but still massiveImage: DW Fotomontage

The massive debt was nonetheless 5.6 billion euros less than originally planned for 2010, reflecting improved expectations for growth in the overall economy.

The plan - the first budget passed by Germany's new ruling coalition of Christian Democrats and Free Democrats - doubles the record debt set in 1996.

The original plan for the 2010 budget foresaw 85.8 billion euros in net debt, but assumed economic growth of just 1.2 percent, and higher jobless numbers. The budget that passed calculated 1.4 percent growth and fewer jobless.

Altogether, Berlin has set its sights on spending 319.5 billion euros in 2010, with 28.3 billion of it going to new investment.

The 2010 budget negotiations were delayed due to parliamentary elections in the fall of 2009; currently, the country is operating on a provisional budget.

jen/dpa/Reuters
Editor: Rob Turner

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