The Congress of Deputies submits this Tuesday to a vote the path of budgetary stability for the period 2027-2029, the indispensable prior step before being able to present the budgets for the next fiscal year. The result, however, looks adverse for the Government, as both Junts and PP and Vox are preparing to vote against, which would leave the text rejected.
Today's vote directly affects the Executive's budgetary calendar. Its rejection anticipates difficulties in processing the budgets for the next fiscal year, accounts that, if presented, would be the first of the entire current legislature. Despite this, the Government maintains its intention to present the accounts within the usual deadlines.
The Executive's proposal maintains the progressive reduction of the public deficit already included in the fiscal plan sent to Brussels, which sets the target at 1.8% of GDP in 2027, 1.6% in 2028, and 1.5% in 2029. Along with these objectives, the Government has set a non-financial spending limit of 226,032 million euros, a record figure that, according to the Ministry of Finance, will allow for the preparation of budgets that are "socially ambitious and fiscally responsible."
In the event that the path does not obtain the support of the Lower House, the Executive must restart the procedure. On the other hand, if it passes the Congress but is vetoed by the Senate, it will return to the Congress, which can lift that veto with a new vote. In the event that the Cortes reject both the first and second proposals, the fiscal objectives agreed with the European Union will come into force, which include the same deficit levels, although without the spending margin contemplated by the Government for the autonomous communities.
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