Germany's landmark spending package secures parliamentary approval

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Germany's landmark spending package secures parliamentary approval - Business Standard

Quick Summary:

Germany’s shift to an expansive fiscal policy promises to revive Europe’s largest economy after two years of contraction due to structural problems including high energy costs, sluggish manufacturing and an overbearing bureaucracy.

The controversial legislation — pushed by conservative Chancellor-in-waiting Friedrich Merz — was approved Tuesday in the lower house of parliament with 512 votes out of a total of 733, comfortably clearing the two-thirds threshold required for changes to the country’s constitutional borrowing rules.

The bill, also backed by the Social Democrats and the Greens, would largely release defense spending from the so-called debt brake.