On the 18th, the government submitted to the Diet a budget bill for the new fiscal year and Reiwa 3 fiscal year, which will bring the total amount of the general account including measures against the new coronavirus to 106,609.7 billion yen, which is the largest ever.
The government officially approved the budget for the new fiscal year and submitted it to the ordinary Diet session convened on the 18th.
The total amount of the general account is 106,609.7 billion yen, which exceeds the initial budget of this year by 3,951.7 billion yen, which is the largest ever.
Expenditures have increased significantly due to the fact that "social security expenses" increased by 150.7 billion yen from this year to 35,842.1 billion yen, the largest ever, and "defense expenses" increased this year. It increased by 61 billion yen to reach 5,323.5 billion yen, the largest ever, and 5 trillion yen as a "reserve fund" that can be used flexibly without the approval of the Diet as a countermeasure against the new coronavirus. The main factor is the accounting.
On the other hand, looking at revenues, tax revenues are estimated to be 57,448 billion yen, which is 6,65 trillion yen less than the initial budget for this fiscal year, in anticipation of deterioration in corporate performance due to the impact of the new corona.
In addition, the amount of new government bonds issued amounted to 43,597 billion yen, an increase of 11,040.8 billion yen from the initial budget for this fiscal year.
Comparing the initial budgets, it is the first time in 11 years that the amount of new government bond issuance has exceeded the previous year.
Government bonds account for 40.9% of total revenue, and the financial situation is worsening.