(JNS) Following a 15-hour debate, the Knesset Finance Committee approved the draft 2023-24 budget, which will now be sent to the Knesset plenum for second and third readings required to pass into law.

The budget passed by the committee stands at 484 billion shekels ($132 billion) in 2023 and 514 billion shekels ($140 billion) in 2024.

Failure to pass the 2023 budget by May 29 would see the Knesset automatically dissolved and send Israel to its sixth election in just over four years.