Israel-Hamas War In 2024: Will US Cut Loose Israel Or Fiscal Woes Force Benjamin Netanyahu's Hand?

(MENAFN- Live Mint) "Israel's war with Hamas in Gaza is getting bloodier day by day. The Benjamin Netayahu-led Regime doesn't seem to care much about the changing global opinion and is continuing the air strikes over Gaza, with a death toll near 21,000. As the civilian death toll mounts in Gaza, Israel's closest allies like the United States are reconsidering their position on the war, according to observers, though that is not reflected in their votes at the United Nations. At a time when the geo-political situation is already vulnerable due to the long Russia-Ukraine conflict, one can't help wondering about the prospects of the Israel-Hamas war in 2024 and its political and economic implications War Day 83: WHO says people in Gaza in 'grave peril'; Macron calls for 'lasting ceasefire'Benjamin Netanyahu and the ministers in his government have made it clear that Israel's objective is to eliminate Hamas from the map of the world. The terrorist group, which launched a brutal attack on Israel on October 7, killing 1,400 Israelis, has deep influence in the Gaza region. With heavy bombardment over the region, Israel Defence Forces (IDF) has also started a strategic ground invasion targeting Hamas operatives in Gaza multilateral institutions like the United Nations have issued several warnings about the humanitarian crisis in Gaza, which is threatening to transcend borders (Iran-backed Houthi rebels are targeting commercial vessels in the Red Sea), but Israel is looking relentless in its campaign to end the story for Hamas. Amid rising criticism from the UN, the Israeli government has decided to stop automatic visas for the employees of the global body and said it will consider the visas on a case-to-case basis war in 2024: Will Egypt's peace plan work?Since October 7, when Hamas launched the deadly attack on Israel, the killings in the region only stopped for a while when Qatar-led nations managed to build a temporary truce between Israel and Hamas. The warring parties exchanged prisoners during the ceasefire, but as disagreements arose over the hostage deal, the truce broke and the cycle of violence resumed United States and European nations have made several attempts to get Israel and Hamas back on the negotiating table, but the intensity of the war didn't allow the two parties to listen to anything. Moreover, this time the war seems to engulf even the relatively peaceful West Bank region where Israel forces launched some deadly attacks during Christmas. Arab nations introduced several resolutions in the UN, some of which passed while the United States blocked the rest, Egypt has proposed a new peace plan, and the two parties seem to be interested in considering the plan. As per the Associated Press, the fresh peace plan encompasses a gradual release of hostages and the establishment of an interim Palestinian administration composed of skilled professionals to oversee both the Gaza Strip and the West Bank under Israeli control war in 2024: The Budget questionMoreover, the Israeli government is not sure if they are financially ready for a prolonged war in Gaza. As per a Reuters report, the Israel-Hamas war will cost another 50 billion shekels ($14 billion) in 2024, an amount that threatens to triple the budget deficit of Israel. The present preparations of the Israel finance ministry will allow the IDF to fight till February 2024, but the financial situation remains under clouds after the first two months of next year briefing the lawmakers of Israel, deputy budget commissioner Itai Temkin the war in Gaza increased total defence spending by more than 48 billion shekels. Temkin didn't want to even consider the possibility of the Israel-Hamas war stretching beyond February 2024 as it can have drastic consequences for the fiscal balance of the country. Israel has already earmarked more than 30 billion shekels for its war in Gaza and is considering some fiscal measures to raise the budget of the defence ministry bottom line is the war is expected to take a serious toll on Israel's economy, which the experts predict would shrink by 2% this year war in 2024: US dragging feetWhile the United States has supported Israel in its endeavour so far, the upcoming presidential elections can have some serious impact on the status quo. The Joe Biden regime has already spent more than $75 billion in support of the Ukraine war and the domestic political opinion is now questioning the non-stop aid to Kyiv. Moreover, with rising civilian casualties in Gaza, especially women and children, the United States is finding it difficult to defend Israel on the international stage experts don't see the Israel-Hamas war entering into that 'long-war' category as Russia had more time to prepare for the Ukraine war. The domestic political compulsion and humiliation forced Benjamin Netanyahu to go all-out against Hamas targets in Gaza. While the Egypt peace plan is a start, Israel will be more inclined to consider more such ceasefire plans and end its campaign within the first half of 2024.

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