Bundestag has approved billions -billion investment in defense and infrastructure

Now the document must be approved by bundesrat (upper house). Voting is scheduled for March 21.

Bundestag (the lower German Parliament house) approved the bill to soften debt restrictions on March 18, designed to attract billions of Euro’s Euro and infrastructure investment. Spiegel reported it.

The CDU/CSS’s Conservative Bloc bill and the Social Democratic Party, which involved avoiding debt restrictions on Germany’s main law, supported 513 Bundestag representatives, and 207 voted against.

Now the document must still approve Bundesrat (upper house). Voting is scheduled for March 21.

In the case of the bill entered into, Articles 109 and 115 of the basic law will provide for defense, civil defense costs, intelligence services and cybersecurity will be exempted from the position if they exceed 1% of GDP.

In the future, the federal lands of Germany will also receive freedom of action on matters related to the attitude of their budgets. Borrowings for federal lands as a whole should be allowed in 0.35% of GDP.

For additional infrastructure investments (for example, on metals, bridges and roads), a special fund of 500 billion euros will be created, which will be filled with loans.

Keep in mind that the head of CDU Friedrich Mertz has introduced negotiations with Social Democrats on the possible creation of a special defense fund with a volume of up to 200 billion. It was twice as much as a similar fund, approved three years ago.

Earlier in Germany they said they had no money on the budget to increase defense costs to 5% of the GDP, as US president Donald Trump was required from NATO countries.

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