As many as 319 MPs voted for the draft budget, which is seen as a transition to longer-term financial planning. The initiative is designed to streamline the country's finances and expenditures. There were 81 votes against, and 27 parliamentarians abstained.
Representatives of such opposition parties as the Liberal Democratic Party of Russia (LDPR), the Communist Party (KPRF) and the newly created Just Russia harshly criticized the draft budget. Communist leader Gennady Zyuganov called the three-year budget a "private" budget for the next president that had nothing in common with Russia's interests.
State Duma deputy speaker and leader of the Liberal-Democrats, Vladimir Zhirinovsky, refused to approve the draft budget, saying it reflected the interests of one party. "Money should not be wrapped up in politics," Zhirinovsky said.
Vladimir Pekhtin, another deputy speaker of the lower house, said the budget was a guarantee of stability and predictability. He said the draft budget was a continuation of the presidential plan, which prioritized decent living standards and a sustainable economic growth.
Federal budget revenues will be 6,644.4 billion rubles ($258.64 billion), or 19% of GDP, in 2008. Budget expenditure will amount to 6,570.3 billion rubles ($255.75 billion), or 18.8% of GDP.
In 2009, federal budget revenues will stand at 7,465.4 billion rubles ($290.6 billion), or 5.9% of GDP, and budget expenditure will be 7,451.2 billion rubles ($290.04 billion), or 18.8% of GDP.
Inflation is expected to decrease to 6%-7% in 2008, to 5.5%-6.5% in 2009 and to 5%-6% in 2010.
Budget revenues and expenditure will stand at an equal level of 8,089.9 billion rubles ($314.9 billion), or 18.1% of GDP, in 2010.
Legislators are expected to consider the draft budget in the second reading June 29.
