German Parliament Approves Landmark Debt Reform, Clearing Path for Increased Defense Spending

Germany's Bundestag is voting today on a crucial proposal to raise defense spending limits, potentially bringing about significant changes in military funding regulations. Friedrich Merz, the anticipated future Chancellor of Germany, is advocating for the removal of debt constraints on defense expenditure, currently capped at 0.35% of GDP. The proposed budget increase is intended to allocate more funds to support Ukraine and substantially enhance Germany's military budget. While the spending plan has garnered support from the SPD and the Greens, opposition from the far-right AfD and far-left Linke parties could jeopardize its approval.