The European Union confirmed Wednesday morning that it would officially reject Italy's budget plan, an unprecedented move that will likely lead to billions of euros in fines being levied against Rome for violating the bloc's budget rules.
The Italian government calls for an expansion of the country's budget deficit to 2.4% of GDP to finance tax cuts, expanded pension benefits and other handouts to unemployed and desperate Italians.
"Our analysis today suggests that the debt doesn't respect our budget rules. We conclude that opening a proceeding against excessive spending based n the debt is then justified," the EU said, according to ANSA.
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