Who Will Steer Israel Away From Its Own Fiscal Cliff?

Treasury officials are writing two drafts of the 2013 budget, the original one prepared for the prime minister last summer and a second proposal to be based on the government's makeup, especially if the Labor Party joins the new coalition.

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The new year is likely to bring painful spending cuts that will be hard to implement - alongside a long list of tax hikes. Meanwhile, 2013 has started without an approved budget, which will constrain spending...