LISA BARRON, CNN ANCHOR: For more on today's economic events in Japan, we're joined on the line, from Tokyo, by our bureau chief Rebecca MacKinnon. Rebecca, what can you tell us?</s>REBECCA MACKINNON, TOKYO BUREAU CHIEF: Hello, Lisa. Budget guidelines released today by the Koizumi Cabinet are just the opening salvo in a debate on how to reform the economy that is going to go into next spring, at least in the first stage. These are just guidelines, a framework for how Koizumi and his Cabinet members would like to reallocate and cut government spending. It does not mean it has been approved by the parliament or is the final form. What is going to happen in the coming phases is government ministries are going to have to make requests based on the budget guidelines that will have to be debated in parliament and passed in spring, soon before the new fiscal year starts, in April. The significance of this budget is it's not just a cut, but a repriortization, cutting public works projects and overseas development assistance, while reallocating some government money in spending to 7 priority sectors, including the environment, urban development, revitalizing cities and towns, science and technology, and education -- Lisa. Thank you, Rebecca MacKinnon, Tokyo bureau chief. END TO ORDER VIDEOTAPES AND TRANSCRIPTS OF CNN INTERNATIONAL PROGRAMMING, PLEASE CALL 800-CNN-NEWS OR USE THE SECURE ONLINE ORDER FROM LOCATED AT www.fdch.com
Japanese Cabinet Releases Controversial Budget Guidelines