Reuters reports that Chancellor Angela Merkel’s cabinet approved a debt-financed supplementary budget of 60 billion euros ($71 billion) which will lift annual new borrowing to a record high of more than 240 billion euros this year, a government official said.

Finance Minister Olaf Scholz also suggested a draft budget for next year with additional net new debt of 81.5 billion euros for which parliament will have to suspend a constitutional debt brake for a third year in a row, the official added.

The revised budget plans mean that Germany’s overall pandemic-related net new debt could exceed 450 billions euros from 2020 to 2022.