[A $222 Billion 'Wartime Budget' Approved: Israel Borrows to Fund Defense] Reported by Jinse Finance on March 30, the Israeli parliament has approved the 2026 national budget, which includes a massive supplemental defense budget to cover war expenses with Iran. The funds will be raised through additional borrowing and cuts to social welfare spending. This spending plan was passed early Monday morning by a vote of 62 in favor and 55 against, with a total amount of 699 billion shekels ($222 billion), setting the deficit target at 4.9% of GDP. Defense spending is the largest item, reaching 143 billion shekels—approximately 120% higher than before the outbreak of the Gaza war in 2023. Additionally, 6 billion shekels have been allocated as reserves to cover costs related to the war with Iran or other military needs, bringing the supplemental defense budget to at least 38 billion shekels, roughly 2% of GDP. This additional funding is primarily intended to replenish Israel's military stockpiles and pay wages for reserve soldiers. (Jin10)