German Cabinet OKs 2022 budget plan with more new debt

BERLIN (AP) — Germany’s Cabinet has approved plans for a 2022 budget that foresee an increase in new debt as spending on health and fighting climate change rises. The government plans to spend 443 billion euros ($528 billion) next year, down from 547.7 billion euros this year but higher than the 419.8 billion euros planned in a first draft in March. Finance Minister Olaf Scholz’s latest plan calls for new borrowing of 99.7 billion euros next year. That’s down from 240.2 billion euros this year, but more than the 81.5 billion euros originally foreseen. Scholz said Wednesday Germany is investing strongly in “social cohesion” and “a strong, future-oriented and climate-friendly economy.”