It is no longer possible for the government to "excessively" depend on debt to manage the country's finances, Finance Minister Yoshihiko Noda warned Monday.

Noda also called on the Diet to swiftly pass the draft budget for next fiscal year to give the public a sense of security.

Economic and fiscal policy minister Kaoru Yosano meanwhile said the government will compile a plan in June for social security and tax reforms, indicating the 5 percent consumption tax may be raised to improve its deteriorating public finances.