German Cabinet approves a lower 2024 budget as it eyes a return to financial ‘normality’

BERLIN (AP) — Germany’s Cabinet has approved a draft 2024 budget that foresees lower spending with defense among the exceptions. It comes as Europe’s biggest economy sticks to rules limiting borrowing that were suspended during the coronavirus pandemic. The government’s plan calls for spending of 445.7 billion euros ($486 billion), down 6.4% from the 476.3 billion euros it expects to spend this year. Defense spending is set to rise by 1.7 billion euros to some 51.8 billion euros, some way short of what the defense minister initially sought. Germany plans to reach a NATO target of spending 2% of gross domestic product on defense next year with help from a special 100 billion-euro fund to modernize the German military.