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$4b Budget Submitted to Cabinet

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Finance Minister Pinhas Sapir submitted a $4 billion budget for fiscal 1972 to the Cabinet today which he hoped would be anti-inflationary. The budget is some $714 million less than the original draft based on the requests of all ministries and government departments. It represents a series of compromises worked out by Sapir with other ministries, notably defense, but not the Ministry of Education which still demands a budget in excess of what Sapir is prepared to allow. Sapir said more restrictions would be imposed on business expenses and that the government will approach wealthy Israelis for “voluntary” contributions to raise part of the additional $100 million Israel will need this year to absorb the anticipated influx of immigrants. There would be a relaxation of taxes on wage earners.

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