Italy’s parliament passed a new budget law on Saturday, a step that is expected to trigger the resignation of Prime Minister Silvio Berlusconi.

Former European Commissioner Mario Monti is expected will be expected to try to form a new administration.

Political sources told Reuters Berlusconi would meet with President Giorgio Napolitano at 2:30 p.m. EST to turn in his resignation.

The prime minister said on Nov. 8 he would resign following the budget’s passage.

The Senate passed the budget on Friday, setting the stage for Saturday’s vote.

The changes in the budget will put in place cuts as the market loses confidence in Italy to manage its debt.