The Bundestag, Germany's lower house of parliament, approved Friday the budget for 2015, which foresees a balanced bottom line for the country's public finances.

It is the first time that Berlin won't take on any new debts since 1969.

German Finance Minister Wolfgang Schaeuble called the decision on the balanced budget "a commitment to the future," saying Germany was living up to its responsibility for future generations and contributing to sustainable growth.

Under the agreed budget, Germany has allotted nearly 300 billion euros (374 billion U.S. dollars) for spending in 2015. An increase in tax revenues and low interest rates as well as a rebate from the European Union contribute to the balanced books.

Berlin also achieved a budget surplus of 16.1 billion euros in the first half of 2014. The government expected to raise roughly 277.5 billion euros in taxes next year. Endit

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