The Cabinet sent draft legislation for the next fiscal year to the Legislative Yuan on Thursday -- a budget which has a deficit of NT$257.4 billion as well as NT$56.1 billion in debt carried over from this year.
Projected expenses in the bill total NT$1.6113 trillion and projected revenues are NT$1.3539 trillion. The difference of NT$257.4 billion, plus debts of NT$56.1 billion, equals a total budget shortfall of NT$313.5 billion.
"The administration plans to issue NT$265 billion worth of government bonds and borrow NT$48.5 billion from savings," the bill said, explaining how it would make up the shortfall.
Social programs for women, children, the elderly, physically and mentally challenged individuals and low-income citizens were increased by NT$19.7 billion in compliance with a promise made by President Chen Shui-bian (陳水扁) to reinforce welfare.
The budget also adds NT$8.9 billion to monthly pensions for elderly farmers, adjusting the grant from NT$3,000 per person per month to NT$4,000.
The draft legislation calls for NT$6 billion in subsidiary funds to help the Ministry of Education overcome financial difficulties produced by a glut of teachers filing for retirement.
The country intends to spend the lion's share of the budget on education and cultural affairs in the next fiscal year with an estimated budget of NT$309.9 billion.
The budget for social and welfare spending comes in second, with an estimated NT$285.6 billion followed by defense and economical development spending, amounting to NT$251.9 billion and NT$247.9 billion respectively.
Preparation for the inauguration ceremony of the newly elected president is estimated at NT$40 million while the government plans to pay NT$1.22 billion to process the legislative election late next year.
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