On Thursday, the Sejm adopted the draft budget law for 2024. Now it’s time for the Senate and the bill must be submitted to the president for signature before January 29.
The 2024 budget law was adopted by the parliamentary majority.
240 MPs voted in favor of approving the budget in the proposed form: MPs from KO, PSL, Polski2050 and the Left. 191 MPs from the Law and Justice club and the Confederation voted against. Three MPs abstained: two from the Kukiz’15 group and one from PiS.
Some parliamentarians did not participate in the vote, including twelve MPs from PiS, five from KO, three from the Confederation and one from several other parties.
The Sejm adopted the budget
The Budget Law specifies the annual plan of income and expenditure, as well as state income and expenditure. The project assumes that state revenues for this year will amount to almost PLN 682.4 billion. The project assumes that almost PLN 603.9 billion in taxes will be collected. The expenditure limit set in the draft law for 2024 amounts to almost PLN 866.4 billion and is almost PLN 173 billion, or 24.9%, higher than the one planned in the amended Budget Law for 2023.
Therefore, the state budget deficit will not exceed PLN 184 billion. The budget deficit of the European funds was set at PLN 32.5 billion.
Next steps in the budget procedure
The Senate will consider the budget next week. The meeting is scheduled for January 24 and 25. The Sejm will then discuss possible Senate amendments during the plenary session on January 26
According to procedure, the budget bill must be submitted to the President for signature before January 29.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
