Russia's upper house of parliament on Wednesday passed a three-year budget that forecasts a slight drop in oil prices and that raises spending by nearly 25 percent by 2010, including big increases in defense and social service spending. The Federation Council voted 145-4 with one abstention to pass the plan, Russia's first multiyear economic program since the Soviet-era five-year plans, the Associated Press reported. The document sees revenues dropping slightly in 2008 from 2007 levels to 6.64 trillion rubles (US$260 billion; ¤190 billion) while spending will rise to 6.57 trillion rubles (US$257 billion; ¤188 billion) _ up 20 percent from this year. By 2010, the plan calls for a balanced budget of 8.09 trillion rubles (US$317 billion; ¤232 billion). The budget also forecasts a drop in prices for Russia's Urals blend oil this year to US$53 (¤39) a barrel in 2008 and US$50 (¤36) in 2010. Defense and security spending will rise by 25 percent by 2010 _ from 1.03 trillion rubles (US$40 billion; ¤29.27 billion) in 2008 to 1.29 trillion rubles (US$51 billion; ¤37.32 billion) in 2010.
