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Italy’s Parliament on Tuesday approved the government’s 2026 budget, including deficit-cutting measures.
The budget of about 22 billion euros ($25.9 billion) aims to reduce the 2026 deficit to 2.8% of gross domestic product, down from the previously targeted 3%, in line with the European Union‘s demands.
The conservative coalition led by Premier Giorgia Meloni won the final vote on the budget in the lower house by 216-126.
“The budget is serious and responsible, built in a challenging context, which concentrates the limited resources available on families, work, businesses and health care,” Meloni wrote on X after the approval.
The budget measures have drawn criticism from the center-left opposition, which warned they doesn’t address the key problem of Italy’s increasingly poor salaries and high taxes.
Elly Schlein, the leader of Italy’s center-left Democratic Party, said the government’s budget law was inspired by austerity and was unable to help low-income workers and families cope with rising prices.
About 25% of the budget’s funding comes from the financial sector, with tax hikes hitting banks and insurance companies.
The European Central Bank has warned that the levies could push domestic banks to cut their already limited flow of credit to families and businesses.