Italy's government raised its 2017 budget deficit projection to 2.3 percent of economic output from a previous 2 percent target, Prime Minister Matteo Renzi said on Saturday. Renzi presented the new deficit goal as part of a 2017 budget plan his cabinet approved earlier on Saturday. The package now needs to be sent to the European Commission for review, before starting its passage through parliament. The premier needs to balance avoiding unpopular belt-tightening measures ahead of a constitutional referendum later this year with pressure from the Commission to curb the budget deficit. (full story)