The 2013-14 Israeli state budget was passed by the Knesset following a first reading on 18 June and is currently expected to become law, following a further two readings, from 1 August. As of writing, Defence Minister Moshe Ya'alon has agreed to a NIS4.4 billion (USD1.2 billion) cut from 2012 to 2014 based upon the promise from Prime Minister Benjamin Netanyahu that there would be significant budgetary increases in 2015-18. The majority of cuts would occur in 2014, with the defence budget falling from NIS58.4 billion in 2013 to NIS55.7 billion in 2014, if revenue-dependent expenditure is taken into consideration. The cuts are part of an austerity budget aimed at tackling the NIS40 billion fiscal deficit in Israel (around 4% of GDP). Despite cuts, the defence budget remains the single biggest ticket in the government budget, standing at 6.3% of GDP and 15% of government spending in 2013.
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