THE NEWS: Iran has cut government spending and aims to reduce its dependence on oil revenue as the West cranks up sanctions that could cut into the country's oil exports.
THE DETAILS: The budget presented to parliament Wednesday would cut overall government spending by 5.6 percent but boost spending on development projects by 20 percent. It projects oil at $85 per barrel.
THE BACKDROP: The new budget comes at a time when Iran is confronting growing international pressure and isolation over its nuclear program. The U.S. and its allies say Iran intends to develop weapons; Iran says the program is for peaceful purposes such as generating electricity.
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