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Date: 8/17/2012
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Title: Japans Cabinet Approves Austere 2013 Budget Guidelines
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Description: Japan's Cabinet has passed new guidelines for the government's 2013 budget, amounting to 71 trillion yen, capped at the same amount as this year. The government is pushing for fiscal austerity, calling on all Ministries and agencies to cut public works and discretionary spending by 10 percent. With its debt to GDP ratio at 200%, fiscal discipline also means that new borrowing will be capped at 44 trillion yen before the government will get some relief when sales tax hikes begin in 2014.
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