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State Duma Passes 2016 Budget in Second Reading

The budget deficit is expected to stand at 2.36 trillion rubles ($35 billion).

Russia's lower chamber of parliament, the State Duma, has passed a bill containing the country's budget for the next year, the Interfax news agency reported Wednesday.

Two hundred and ninety State Duma deputies voted in favor of the bill while 89 opposed it, according to the news agency.

This year Russia switched from a three-year to a one-year budget planning cycle amid the country's economic recession.

The 2016 incoming budget funds are projected at 13.7 trillion rubles ($204 billion), while expenditures are estimated at 16 trillion rubles ($238 billion).

The budget deficit is expected to stand at 2.36 trillion rubles ($35 billion), which accounts for 3 percent of Russian gross domestic product.

The third reading of the bill is scheduled for Dec. 4.

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