The Federation Council voted 145-4 with one abstention to pass the plan, Russia's first multiyear economic program since the Soviet-era five-year plans.
The document sees revenues dropping slightly in 2008 from 2007 levels to 6.64 trillion rubles (US$260 billion; EUR190 billion) while spending will rise to 6.57 trillion rubles (US$257 billion; EUR188 billion) - up 20 percent from this year. By 2010, the plan calls for a balanced budget of 8.09 trillion rubles (US$317 billion; EUR232 billion).
The budget also forecasts a drop in prices for Russia's Urals blend oil this year to US$53 (EUR39) a barrel in 2008 and US$50 (EUR36) in 2010.
Defense and security spending will rise by 25 percent by 2010 - from 1.03 trillion rubles (US$40 billion; EUR29.27 billion) in 2008 to 1.29 trillion rubles (US$51 billion; EUR37.32 billion) in 2010.
Russia's state coffers are overflowing with petrodollars and its finances have been transformed since the economy's collapse in 1998.
After running a tight fiscal policy in previous years that was aimed at building up Russia's reserves, the government has begun spending more on social projects as well as programs aimed at diversifying the economy away from a reliance on raw material exports.
Putin's official spokesman Dmitry Peskov commented on remarks in the US media about failures in launching nuclear-capable missiles in Russia
More than 5.8 million people voted for Nicholas Maduro at the presidential election in Venezuela. This is more than a quarter of registered voters. Why did those people vote for the man, who, as Western media write, took Venezuela to the brink of collapse?
It has long been understood that the West has been trying to subject Russian borders to total control. We have not seen such activity even during the Cold War