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Czech Republic plans higher taxes, spending cuts to curb gap

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The Finance Ministry proposed a package of temporary tax increases and spending cuts to meet its targets for budget-deficit reductions after the economy slid into recession. The government will freeze as much as CZK 23.6 billion in spending this year and discuss laws to save CZK 42.2 billion next year and CZK 84.4 billion in 2014, Finance Minister Miroslav Kalousek told reporters Monday.

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