An advisory panel to the finance minister called Monday for a reform-oriented fiscal 2003 budget that will keep spending for policy measures at current levels to maintain fiscal discipline.
The proposed spending cap would replace Prime Minister Junichiro Koizumi's 30 trillion yen cap on fresh government bond issues.
The Fiscal System Council presented the package of proposals, which will serve as a base for budget discussions for the next fiscal year, to Finance Minister Masajuro Shiokawa in the morning.