Brazil Senate committee approves 20-year spending cap

November 9, 2016 2:22 PM EST

Brazilian President Michel Temer speaks at a joint news conference with Japan's Prime Minister Shinzo Abe at Abe's official residence in Tokyo, Japan, October 19, 2016. REUTERS/Kim Kyung-Hoon


Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.

BRASILIA (Reuters) - The Senate constitutional affairs committee voted 19-7 on Wednesday to approve the main text of a 20-year ceiling on federal spending proposed by President Michel Temer to reduce Brazil's widening budget deficit.

The constitutional amendment, which limits the growth of government spending to the previous year's rate of inflation, will face two rounds of voting in the full chamber on Nov. 29 and Dec. 13. Some minor changes to the text still have to be passed by the committee.

(Reporting by Maria Carolina Marcello and Anthony Boadle; Editing by Daniel Flynn)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Add Your Comment