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2011/04/29
DPJ, LDP and Komeito agree on first supplementary budget
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On April 29, DPJ Policy Research Committee Chair Koichiro Gemba, LDP Policy Research Council Chair Shigeru Ishiba, and Komeito Policy Research Council Chair Keiichi Ishii signed a three-party agreement regarding the first supplementary budget for fiscal 2011 and related legislation.
The content of the agreement is as follows:
1. Each party will urgently consider reviewing public spending, including the organization of the child allowance system, and the system for reducing highway tolls, as well the treatment of legislation for amending the tax system for fiscal 2011, including proposed corporation tax reductions. When drafting the second supplementary budget, they will also examine, including the possibility of review, the temporary sources of revenue obtained from pension funds that are to be used as a source of income in the first supplementary budget. Once this has been undertaken, each party will seriously consider working toward enacting legislation to make it possible to issue special government bonds.
2. The necessary revenue sources for recovery and reconstruction will be obtained by making cuts in existing spending, as well as issuing government bonds specifically for reconstruction. These reconstruction bonds will be administered separately from regular government bonds, and their absorption and redemption will be secured.
3. In order to ensure confidence in pension funding amongst other things, an essential issue is considering integrated social security and tax system reforms. The government and ruling party will produce a workable proposal in a clear manner and at the earliest possible opportunity, and call for the understanding of the Japanese people for this proposal.
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