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2024 Budget Delayed, Potentially To January

GERMANY
Leaders of the ruling SPD/Greens/FDP coalition have announced that they will postpone the adoption of the 2024 budget, per multiple media outlets. The government had planned to pass the budget in parliament on December 1 and in the second German legislative body (Bundesrat) on December 15, but the constitutional court's ruling last week against the usage of off-balance sheet funds in the KTF has forced the government to reassess its plans.
  • It's now unclear whether the government can pass a 2024 budget this year, with news outlet "Die Welt" citing sources saying that it could be delayed until January.
  • The announcement confirmed earlier media reports, so the market impact was limited, but focus will remain on what measures the government decides to take, and the growth and fiscal impact they may have. Multiple reports suggest the debt brake will be suspended for at least 2023, potentially opening up further financial flexibility for 2024. If the budget passage is in fact delayed until January, it's unclear what the implications would be for issuance plans, which are usually released by the debt management office in mid-December.
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