Overview

• The draft sets a core budget of €520.5 billion with total new borrowing of about €174.3 billion, leaving nearly one in three euros financed by debt.
• The Federal Audit Office says the state lives beyond its means and projects federal debt near €2.7 trillion by 2029 with annual interest costs around €66–67 billion.
• Large outlays are routed through special funds for defence and infrastructure/climate, with roughly €126.7 billion in combined investments and criticism that regular tasks are being shifted off the core budget.
• Transport funding has become a flashpoint as the regular transport budget falls, Autobahn GmbH reports a €15 billion shortfall for 2026–2029, and Finance Minister Lars Klingbeil urges project prioritization.
• Parliament holds the first reading this week before committee work and a planned final vote on November 28, while medium-term gaps of €34 billion in 2027, €64 billion in 2028 and €74 billion in 2029 loom.