A proposed 1955-56 national budget of 633,175,000 Israel pounds was placed before the Israel Cabinet here last night by Finance Minister Levi Eshkol. The document calls for an eight percent increase over last year’s expenditures.
Mr. Eshkol said that the budget would require no increase in taxation. He noted that recent national budgets have been completely balanced, with the government spending no more than its income. The increase in this budget would be made up by an increase in population which, on the same tax rate, would provide more income.
The Cabinet will hold another special meeting this week to conclude its discussion of the new budget. The document is expected to be sent to Parliament before the end of this month and to come up for debate in the House other late in December or early in January.
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