Czech Senate approves austerity measures

The Czech Senate has, as expected, approved an austerity package which will lower the budget deficit in 2010 by 60 billion crowns (3.5 billion USD) to around 5.3 percent of GDP. The package, which raises some taxes and lowers the salaries of many state employees, awaits the president’s signature before it comes into effect. The set of cost-cutting measures, presented by Prime Minister Jan Fischer’s cabinet to the lower house nine days ago, were approved by 61 of the 68 senators present. According to news agency ČTK, a vote on next year’s state budget could now take place any time after December 9.