Plenum approves NIS 3 billion expansion of 2024 budget

Members of the opposition have argued that the addition in government spending was unnecessary since the government could procure the necessary funds in other ways.

Finance Minister Bezalel Smotrich. (photo credit: MARC ISRAEL SELLEM)
Finance Minister Bezalel Smotrich.
(photo credit: MARC ISRAEL SELLEM)

The Knesset convened on Sunday for a marathon debate and final voting on two bills aimed at expanding the government's 2024 budget by approximately NIS 3.35 billion.

The debate and voting, which began at 9:00 a.m., ran past press time on Sunday night as the opposition used its maximum allotted time to filibuster for as long as possible. The bills passed.
The increase in the budget, which was advanced by Finance Minister Bezalel Smotrich, was intended for a number of war-related issues, including funding for evacuees and released hostages and their families until the end of 2024, funding for businesses affected by the war, increased funding for combat reservists and their families, and more.

Smotrich has argued that the increase in government spending will not lead to an increase in the state’s budget deficit at year’s end since it will be offset by higher-than-expected national income from taxes.

However, members of the opposition have argued that the addition in government spending was unnecessary since the government could procure the necessary funds by shutting down government ministries and cutting coalition funding.

The Knesset plenum on July 24, 2024.  (credit:  Yonatan Sindel/Flash90)
The Knesset plenum on July 24, 2024. (credit: Yonatan Sindel/Flash90)

Opposition members argued issue was irrelevant

Members of the opposition also argued that the issue was irrelevant since it did not consider the full sum of the yearly American security aid is unlikely to be given by the end of the year. Therefore, Israel’s national income was lower than the budget bill.

Members of the opposition also criticized Smotrich over what they claimed was his responsibility for Moody's lowering Israel's credit rating by two levels, from A2 to Baa1.

Smotrich, who was supposed to wrap up the discussion, did not appear for his speech and was criticized by opposition leader MK Yair Lapid. Lapid said that Smotrich did not appear at the debate because he “had nothing to say in his defense” after the scathing Moody’s report.