Japan passes $1.1 trillion budget

Japan passed a $1.1 trillion budget yesterday, with about half the spending expected to be financed by new bonds that will add to Japan's massive debt mountain.
Although the opposition-controlled upper house of parliament voted down the budget earlier in the day, it was still passed after a draft was approved last month in Japan's lower chamber.
"The budget bill was enacted, based on the constitution," a parliamentary official said.