Iraq cuts budget due to falling oil prices

[World News]

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Iraq cut its 2015 budget Thursday by nearly $3 billion (2.7 billion euros) due to the falling price of oil, on which its government is almost entirely dependent for revenue. MPs approved a budget of $99.6 billion, down from the $102.5 billion the cabinet proposed last month. The projected oil price was also lowered from $60 to $56 a barrel, while the expected deficit rose from $19.1 billion to $21.1 billion.

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