German Cabinet approves plan to boost spending next year

Germany's Cabinet has approved a budget plan that foresees a 2.6 percent increase in spending next year and a balanced budget over the next four years.

The plan presented by Finance Minister Wolfgang Schaeuble on Wednesday foresees 337.5 billion euros ($383.4 billion) in spending next year.

However, Germany holds an election on Sept. 24 and the next government will make the final decisions on the budget.

Schaeuble said that, "today's decisions are a proof for four years of successful government work."

Also on Wednesday, German news agency dpa said the parliamentary budget committee approved the recently agreed 8.5 billion-euro eurozone bailout payment to Greece.