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US aid to Israel cut by $150M, not $250M as expected
Sources in Washington updated Finance Minister Yuval Steinitz and told him that the across-the-board cut in the US budget will be decreased from 8% to 5%. As a result, the security aid granted to Israel will be cut by $150 million in the upcoming year and not by $250 million as expected.
In addition, the cut will have immediate repercussions on Israeli companies providing products and services to the American government, including the military industries. The reduction of the budget cut scope will moderate the hit to the Israeli economy and the State's income from taxes. (Avital Lahav)
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