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. Last Updated: 07/27/2016

Duma Plans Cash Bill

MOSCOW -- The dominant Communist faction in the State Duma plans to propose a draft law calling for printing 300 trillion rubles ($51.7 billion) to close the government's yawning budget gap, a leading Communist legislator said Monday.

Viktor Ilyukhin said the proposal is an answer to the 108 trillion rubles in spending cuts the government has proposed for parliamentary approval as part of an emergency budget-stabilization package.

Ilyukhin noted that the money printing would be targeted at specific projects, limiting its inflationary effect.

Government officials, including President Boris Yeltsin, consistently have rejected printing money as a way to resolve the budget problems, arguing that such a step would restart hyperinflation.