A number of lawmakers on the Liberal Democratic Party's Executive Council on Tuesday voiced concern over a bill that would designate specific reduction targets in key budget areas, arguing the bill would make it impossible for the government to stimulate the economy via spending measures.
During a meeting of the party's decision-making body, former party chief Yohei Kono questioned whether it would be appropriate to enact the bill at a time when the nation's sluggish economy needs quick pump-priming.
The bill obliges the government to cut its fiscal deficit to 3 percent or less of gross domestic product by fiscal 2003 and to cease issuing deficit-covering bonds by that year. The high-profile bill, which is expected to pass the Lower House special committee on fiscal structural reform today, constitutes an important part of Prime Minister Ryutaro Hashimoto's policy pledge to salvage the nation's coffers from a sea of debt. It is expected to obtain full Lower House approval during a plenary session scheduled for Thursday.