Italy approves 24 billion-euro budget that aims to boost household spending and births

Italy’s far-right-led government on Monday approved a budget for next year that aims to bolster public health services, encourage families to have more children and put more money in the pockets of low- and medium-wage earners.

Premier Giorgia Meloni said the 24 billion-euro ($25 billion) budget, which includes 5 billion in spending cuts, is in line with the government’s priorities. She described it as both “serious” and “realistic," even as Italy faces an expected increase of 13 billion euros in payments to service its public debt as interest rates increase.

The budget was approved by Meloni's cabinet in a one-hour meeting before being sent for EU approval. Italian Finance Minister Giancarlo Giorgetti expressed confidence that the budget would be accepted by both the EU and markets.