Friday, Nov. 9, 2012
After months of hardball between the ruling and opposition blocs, Diet deliberations on the crucial bond-issuance bill kicked off Thursday, paving the way for its passage.
The move came a day after the Liberal Democratic Party caved in, apparently judging it would anger the public if it continued to oppose acting on the bill, which is needed to fund about 40 percent of this year's budget.
The bill is currently the priority of Prime Minister Yoshihiko Noda's administration, but with its passage now almost assured, he has been pushed one step closer to dissolving the Lower House for a snap election.
Noda promised leaders of the LDP and New Komeito in August that he would dissolve the Lower House "soon" after the bond bill is passed and progress is made on lessening the vote-value disparity and addressing social security reform.
During Thursday's plenary session, Noda stressed that financial resources for the fiscal 2012 budget will run out by month's end without the legislation.
"No matter which party is in power, nobody can manage national finances without the bond bill," he said.
When an LDP member demanded that Noda immediately dissolve the Lower House, he replied that the conditions he has set must first be met.
"I will make my own decision firmly" when these issues are resolved, he said.
As a condition for starting the deliberations, the LDP had demanded that the Democratic Party of Japan agree to hold a session of the Lower House Budget Committee first, to grill the prime minister.
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Diet takes up bond bill as LDP caves in
