Photo: latimes.com

The Italian Senate on Wednesday passed a 2013 budget bill (known as the Stabilization Law). The Italian budget deficit will fall from 2.6% of GDP this year to 1.8% next year. The bill, which will now go to the House of Representatives, passed 199 to 55. Italian Prime Minister Mario Monti will resign by the end of this week and will hold a press conference to talk about whether he will take part in the coming parliamentary election. President Monti on December 8 said he would resign immediately after the two lower houses of parliament passed the budget bill and prior to the general election scheduled for February 24, 2013. Monti announced the resignation after the center-right party People of Freedom (PdL) of former Premier Silvio Berlusconi withdrew its support of Monti's government.