Japan's Budget for Fiscal Year 2018: Lower House approves record $912 billion budget
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Japan's Lower House has passed its biggest-ever budget -- allotting 912 billion US dollars for the fiscal year 2018. This will be the sixth straight year the budget has seen record highs, despite criticism that Japan is over-burdened by debt. Around one quarter, or over 210 billion US dollars of the budget will be spent on paying debts. About a third of the budget, or over 300 billion dollars, is earmarked for social security, while 46 billion will be spent on defense. The budget will be sent to the House of Councillors next. But it is certain to be enacted before the fiscal year starts on April 1st, as Japan's lower House resolutions override the Upper House.