Japan's Cabinet on Monday endorsed a draft 82.18 trillion yen (US$788.7 billion; ¤594.62 billion) national budget for fiscal 2005, increasing overall spending to care for an aging population and to pay interest on government debt. The plan trims defense and education spending, however, in an attempt to control deficit spending. The Finance Ministry draft, which now goes back to ministries for review before a final Cabinet vote on Friday, also calls for a cut in new bond issuance to ease the country's snowballing national debt. The document is to be presented to Parliament in January.
