At an extraordinary cabinet meeting on the 23rd, the government will decide on the budget for next fiscal year and fiscal 2023, which will bring the total amount of the general account to about 114.38 trillion yen, the largest ever.
Although the size of the defense budget has increased significantly, the structure of relying on government bonds for more than 30% of the financial resources has not changed, and the severe financial situation continues.
The government's draft budget for next fiscal year will total about 114.38 trillion yen in the general account, about 6.7 trillion yen more than the initial budget for this fiscal year, and the scale of expenditure will exceed 110 trillion yen for the first time, the largest ever.
In order to drastically strengthen the defense capabilities that the government is aiming for, the defense budget will be set at a record high of 6.8 trillion yen. By allocating about 400 billion yen, the overall expenditure will also swell.
In addition, the local allocation tax grants to be distributed to local governments will be approximately 16.4 trillion yen.
On the other hand, tax revenue is expected to reach a record high of around 69.44 trillion yen.
In addition to this, non-tax income is expected, but the policy is to cover the shortfall of about 35.62 trillion yen by issuing new government bonds.
Although the amount of new government bond issuance, which corresponds to debt, will be less than the initial budget for this fiscal year, the composition of relying on government bonds for more than 30% of revenue remains unchanged, and the severe financial situation continues.
The government will decide on the next fiscal year's budget bill that includes these contents at an extraordinary cabinet meeting on the evening of the 23rd.