Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%BNB287.900.44%USDC1.000.01%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Meloni gets lower house approval for borrowing following vote slipup.

Italy's Prime Minister Giorgia Meloni attends the European leaders summit in Brussels, Belgium ... Italy's Prime Minister Giorgia Meloni attends the European leaders summit in Brussels, Belgium February 9, 2023. REUTERS/Yves Herman/File Photo
Italy's Prime Minister Giorgia Meloni attends the European leaders summit in Brussels, Belgium ... Italy's Prime Minister Giorgia Meloni attends the European leaders summit in Brussels, Belgium February 9, 2023. REUTERS/Yves Herman/File Photo

Listen to the article now

After a major setback for nationalist Prime Minister Giorgia Meloni, the Chamber of Deputies approved additional borrowing for Italy’s government on Friday.

Two hundred twenty-one votes to 116 backed the government’s request to expand this year’s budget deficit to 4.5% of GDP from 4.4% under existing trends.

Politicians said roughly 50 right-wing deputies were absent on Thursday when the coalition failed to get the 201 votes needed to authorize the extra borrowing.

The right-wing bloc, in control since October, was surprised. A senior coalition legislator, who requested anonymity, told Reuters it showed parliament alliance flaws.

Meloni needs both chambers of parliament to accept the idea in the next few hours to utilize the financial leeway to pay hefty tax cuts for middle- and low-income employees on May 1, International Employees’ Day.

“We have our responsibilities, we take our faults and we will learn from our mistakes,” Maurizio Lupi, leader of a small centrist coalition party, told the chamber before the vote.

Tommaso Foti, the lower-house head of Meloni’s Brothers of Italy party, rejected political concerns and blamed MPs who didn’t vote.

Barring last-minute shocks, the Senate will approve later in the day.

3.4 billion euros ($3.7 billion) was borrowed. It will reduce this year’s tax wedge—the gap between an employer’s wage and a worker’s take-home pay—for workers earning 35,000 euros or less.


Comment Template

You May Also Like

Business

Starting in 2024, the IRS will lower the Form 1099-K reporting threshold to $5,000 for business transactions via payment platforms like PayPal and Venmo....

Business

The stock market saw major premarket moves on February 14, 2025. Roku and Airbnb surged on strong earnings, while Moderna and Informatica fell on...

Business

Warren Buffett’s Berkshire Hathaway trimmed its stake in DaVita amid a weaker 2025 outlook, causing an 8% stock decline. Rising costs and dialysis center...

Business

Stock futures dipped amid new trade policy shifts from President Trump, while GameStop surged on crypto investment speculation. Major retailers scaled back DEI commitments,...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok