Israel's parliament passes first vote on $220 billion budget for 2026

Israel's parliament, the Knesset, has passed the first reading of the proposed state budget for 2026. The budget totals about $220 billion and was approved with the support of two key ultra-Orthodox political parties.

The budget draft has now been submitted for further legislative steps. If a budget is not passed by the deadline, it can trigger a government collapse and new elections.