Die Schuldenbremse: Generationengerechte Haushaltspolitik mit konjunktureller Flexibilität

Public debt reached a new high of €2,510.5 billion at the end of 2024. But the federal government continues to plan high borrowing: the draft federal budget for 2026 provides for debt of €174.3 billion for an investment push. Net borrowing of €89.9 billion is expected in the core budget. In addition, there is €84.4 billion from two special funds not subject to debt brakes. The Federal Ministry of Finance hopes for “new growth and greater fairness” – but the current handling of public debt disregards the lessons of the past and goes beyond the conceptual limits of the financial constitution.