The state budget for the next two years was approved by the Knesset plenum on Tuesday with 63 lawmakers voting in favor and 33 opposing. The budget for 2011 will stand at some NIS 247 billion ($69.07 billion) while that of 2012 will total at NIS 259 billion ($72.43 billion).
Having been approved by the Knesset's Economic Committee last week, the budget has now passed second and third readings at the Knesset plenum and is final.
Shortly prior to the vote, Prime Minister Benjamin Netanyahu said: "On a day we are informed of gas finds, on a day we will shortly pass a second biennial budget, on a day one learns that Israel's economy has grown the most out of any other economy in the Western world and created more than 100,000 work places for Israelis – that is a good day for Israel."
After 11 hour of voting, Prime Minister Benjamin Netanyahu said the biennial budget approved by the Knesset was "good and responsible – both economically and socially, The budget will continue marching Israel in the right direction."