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A Lower House ad hoc committee passed a top fiscal reform bill Wednesday that would set a target for deficit reduction and place a ceiling on key budget items.

The bill is regarded by the government as the most important piece of legislation in the current extraordinary session of the Diet, due to end Dec. 12. It won a majority endorsement from both the ruling Liberal Democratic Party and the Social Democratic Party. New Party Sakigake, the LDP’s other small ally, has no representation on the committee.

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