Netanyahu calls urgent finance meeting Israel's national debt hits NIS 9 trillion

Israel's Prime Minister Benjamin Netanyahu called an urgent meeting of the treasury on Tuesday to discuss the country's debt, which threatens to derail the first plan to boost defense spending on the next decade, the Haaretz daily reported.

Israel's Finance Ministry announced Monday a NIS $ 9 trillion ($ 2.4 trillion) deficit in the state budget, accounting for 3.6 percent of the country's gross domestic product (GDP), with more than a 2.5 percent cumulative deficit in September.

Netanyahu on Sunday with the help of an economic adviser on the field of defense and security. "2030 Security Concept" defense spending initiative, unveiled earlier this year .

At that meeting, Haaretz reported, Netanyahu sparred with Finance Ministry Director-General Shai Babad over the diversion of funds to the military, a more recent agreement struck by the finance ministry to match the wages and pensions of the Israel Police and the Prisons Service to career personal military.

Netanyahu reportedly criticized the deal, but sources told Haaretz he would not rescind the agreed upon raises.

In August, Netanyahu unveiled his "2030 Security Concept" to the Israeli security firm, calling for an increase in defense spending from 0.2 to 0.3 percent of gross national product.

"Because of our small territory, the population and the size of the world," said Netanyahu said at the time.

The plan called for the budget increased to several areas including cyber security, missile defense, and the completion of border security fences.