Brazil’s Congress suspended the government’s spending cap to allow incoming President Luiz Inácio Lula da Silva to raise expenditures on social welfare and public works
SÃO PAULO—Brazil’s Congress suspended the government’s spending cap to allow incoming President Luiz Inácio Lula da Silva to raise expenditures on social welfare and public works, prompting concerns in financial markets about the fiscal health and long-term growth of Latin America’s biggest economy.
The constitutional amendment, backed by 65% of members of Congress in a final vote Wednesday, allows Mr. da Silva, , to spend an extra $28 billion in 2023 outside of the country’s spending cap, sidestepping a fiscal anchor designed to keep free-spending governments in check.
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