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French lower house passes new budget

07-21-2012 07:42 BJT

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France's lower house of parliament passes a revised budget to raise 7.2 billion euros in new revenue, by targeting corporations and the wealthy.

President Francois Hollande’s Socialists hold a wide majority in the chamber. The bill reverses many measures passed under former leader Nicolas Sarkozy. It scraps tax breaks on overtime, raises the wealth tax and increases the amount employers pay into the state benefit system.

The extra cuts were necessary if Hollande’s administration is going to stick to a strict schedule for reducing the country’s deficit.

The Socialists have said they are committed to reducing the deficit to 4.5 percent this year and 3 percent next. The amended budget goes to the Senate on Tuesday.



Editor:Zhang Rui |Source: CNTV.CN

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