Overview

• Merz called for “real” reforms to bolster growth and maintain welfare, while defending a roughly €630 billion 2026 package with about €174 billion in new borrowing and extensive special funds.
• He outlined no new concrete measures in the speech, pointing instead to a cabinet retreat next week for state‑modernization decisions and to planned talks with the auto and steel sectors on further relief.
• The address bypassed current foreign‑policy flashpoints, and Greens leader Britta Haßelmann rebuked Merz for skipping the UN General Assembly, also condemning his likening of far‑left and far‑right critiques as a slight on the Greens.
• AfD leaders attacked the budget as a “Schuldenorgie” and “Verrat,” while the Left criticized military spending priorities over schools, housing and transport, underscoring a heated parliamentary clash.
• Transport Minister Patrick Schnieder faces a reported ~€20 billion gap for rail, bridges and highways to 2029 despite a €500 billion special fund, with detailed committee scrutiny running toward a Nov. 13 budget cleanup session.