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BREAKING NEWS

BREAKING NEWS

Tensions run high as Brussels reviews Italy's draft budget

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Tensions run high as Brussels reviews Italy's draft budget
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For the first time ever, the European Commission could reject a budget proposal from one of its member states — and that could be Italy.

Italy’s populist government submitted its budget proposal on Monday. It includes basic income for pensioners, tax cuts for the self-employed and a lower retirement age.

Italy’s coalition government would have to borrow some €37 billion to deliver on those promises but Brussels doesn’t want to add to Italy’s debt as its public debt is among the highest in the EU.

The commission has two weeks to review the plan and it could then send it back for revisions if it violates EU rules.

Today’s panel reviews Italy’s proposed budget.