The administration to be headed by Liberal Democratic Party chief Shinzo Abe will scrap the spending cap on the annual budget to focus its efforts on reviving the economy, party sources said Wednesday.

Abe, scheduled to become prime minister and form his Cabinet Dec. 26, will review the so-called medium-term fiscal framework, the key guiding principles currently in place for curbing the swelling national debt, the sources said.

In a related move, LDP Vice President Masahiko Komura said the party aims to create a ¥10 trillion spending package for this fiscal year, which ends March 31, to finance public works projects, historically the LDP's favorite pump-priming strategy.