Israel’s budget passed

ISRAEL’S Cabinet passed its 2005 budget proposal after a marathon 16-hour debate, approving cuts for the fourth straight year.

Finance Minister Benjamin Netanyahu asked the Cabinet to approve a €54 billion budget that includes a cut of €1.3bn.

Nearly four years of violence and the downturn of the world technology market has seriously harmed Israel’s economy. Prime Minister Ariel Sharon promised next year’s savings would come from the military budget and streamlining the public sector.