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Govt approves budget pain, issues challenge

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The cabinet proposed tax hikes and spending cuts on Monday aimed at slashing the budget deficit and setting up a showdown with political parties, and it warned it may quit if the plan fails in parliament. The measures would cut the central state budget gap to CZK 155.3 billion. Finance Minister Eduard Janota said the package would have a negative impact on GDP of around 0.6%, bringing growth next year to about -0.3%.

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