BANGKOK - Thailand's House of Representatives, or the lower house, on Saturday gave green light to the government's 2013 fiscal budget bill which proposes the highest spending of 2.4 trillion baht (around $76.2 billion) in history.

Members of the House voted 279 to 8, with 127 abstentions, to pass the bill after a three-day final deliberation. The budget sets expenditures at a historically high 2.4 trillion baht and revenues at 2.1 trillion baht ($66.7 billion) in the 2013 fiscal year which begins on October 1.

Policy changes under the controversial spending plan include cutting corporate income tax from 30 percent to 23 percent, which has been slammed by the opposition Democrat Party as "only favoring capitalists".

Finance Minister Kittiratt Na-Ranong promised to ensure transparency in budget spending, saying the government was taking a prudent approach by proposing an increased budget.

Under the Constitution, the Senate,or the upper house, must consider the Budget Bill within 20 days of its passage by the House.