Spox Confirms Earlier Reports On Gov't Reaching '24 Budget Deal

A German gov't spox has confirmed earlier reports (see 0745GMT bullet) that the governing coalition has reached an agreement on the 2024 federal budget. As noted, a presser will take place involving Chancellor Olaf Scholz, Economy Minister Robert Habeck, and Finance Minister Christian Lindner at 1200CET (0600ET, 1100GMT), before Scholz delivers an official gov't declaration an hour later.

• As Politico notes: "Details on Wednesday's budget deal are still unclear. The agreement is a draft proposal, which will still need to be discussed by members of ruling parties and approved in parliament. It's expected to take effect in early January."
• Reuters: "Regardless of Wednesday's agreement, it is already clear that the lower house of parliament, the Bundestag, will not manage to finalise the 2024 budget this year. From Jan. 1, there will be a provisional management of the budget. Lindner will have a greater role in this because he will have to authorise certain expenditures. Such provisional budget management means that in contrast to the situation in the United States, the lack of an agreed budget does not lead to a spending freeze in the coming year."