Michael Sohn, Associated Press
BERLIN — Germany's government says it is speeding up its plans to cut its borrowing as it works to balance its budget by 2016.
A senior official said Friday that the federal government will reduce its new borrowing between 2013 and 2016 to €45.6 billion ($59.5 billion) from the previously planned €73 billion.
A robust economy has helped increase Germany's tax intake, allowing the country to run up less new debt. Germany plans to balance its budget in 2016, when it expects to borrow only €1.1 billion.
Germany has pushed hard for the other 16 countries that use the euro as their currency to get their public finances in order as the continent recovers from the debt crisis.
The official briefed reporters on condition of anonymity because the plan hasn't officially been released.
- Consumer group lists '10 worst toys' for kids
- 'Mockingjay, Part 1' opens with $123 million
- Winners and losers under Obama's immigration...
- Evacuation plans readied as Buffalo flooding...
- Q&A with President Henry B. Eyring, Elder L....
- Obama: Americans want 'new car smell' in 2016
- Cleanup on, flood threat looms after huge NY...
- Fact check: Obama's claims on illegal...
- President Obama's immigration reforms... 65
- Utah members of Congress slam Obama's... 56
- Pastors opposed to same-sex marriage... 38
- Fact check: Obama's claims on illegal... 18
- Winners and losers under Obama's... 16
- President Obama's immigration speech... 14
- Boehner: 'We will not stand idle' on... 14
- Is saying the Pledge of Allegiance... 14