Israeli cabinet approves economic reforms

Israel's cabinet yesterday approved the outline of economic reforms intended to address rising frustrations about the cost of living and income disparity in the Jewish state.
The proposals, which passed 21-8, were laid out by a committee appointed by Prime Minister Benjamin Netanyahu earlier this year, as Israelis took to the streets in record-breaking numbers to express their frustration about the economic situation.
Netanyahu had called off the vote on the proposals last week after it became clear he did not have the sufficient support to pass it.
"I gave my word -- and kept it," Netanyahu said in a statement issued by his office following the report's approval on yesterday.
"The Trajtenberg report is good for Israeli citizens. It lowers the cost of living, decreases taxes, increases disposable income, significantly takes part in funding education for pre-schoolers, and makes housing more available."