The German government planned to borrow 329 billion euros (about 466 billion U.S. dollars), which will be a record high, in 2010 to curb the worst recession since World War II, according to the government draft budget released on Monday.
The government published its credit-funding plan on Monday. It planned to sell bonds worth 329 billion euros to make up for tax revenue as tax income plunged this year.
The money will be used to pay off outstanding debt and help finance spending including economic stimulus packages.
The German economy may suffer a 6-percent contract this year. To counter this recession, the government has pushed two economic stimulus packages with about 85 billion euros since last autumn, and planned to sell 302 billion euros in bonds to raise money this year.
The draft was compiled by the German Finance Ministry and presented to the lower and upper houses of parliament. It will become law in November, after being fine-tuned from August to November and approved by the lower house budget committee in November.
Source:http://news.xinhuanet.com