BERLIN (AP) — Germany's Cabinet has formally approved a plan to save some 80 billion euros ($101 billion) over the next four years, moving the package of benefit cuts and new levies closer to realisation.

Finance Minister Wolfgang Schaeuble said that the German government "is on course" with yesterday's decision. The move turns the package presented in June into draft legislation, which is to go to parliament later this year.

The plan includes cuts to benefits for the long-term unemployed and a proposed levy on passengers flying from German airports.

The government also plans to raise 2.3 billion euros ($2.9 billion) annually from the nuclear industry, though it left open whether that will come from a new fuel tax as originally planned. It is in talks on a possible alternative.