With growing economy, Spain presents cutback-free budget

AP News
|
Posted: Mar 31, 2017 9:54 AM

MADRID (AP) — Spain's minority conservative government has presented its 2017 budget, with a growing economy allowing it to increase social spending and cut taxes and to move away from the austerity measures of previous years.

Finance Minister Cristobal Montoro on Friday said the budget would allow Spain to meet the budget deficit targets agreed on with the European Union and end the period of overspending by 2018.

It was the first budget without major cutbacks since the economic crisis began in earnest in 2008.

The minister said this budget's emphasis was on social spending and solidifying public sector employment.

The tax and spending plan must be approved by parliament but Prime Minister Mariano Rajoy's Popular Party lacks a majority and will need outside support.