Brazilian President Jair Bolsonaro has signed into law a projected R$3.3 trillion federal budget for 2019, the government said Wednesday. The budget includes controversial provisions that will require special congressional authorization under a constitutional mechanism known as the “golden rule.” The rule prohibits selling of government bonds to finance operational expenses or payment of benefits under entitlement programs. A projected R$249 billion in federal spending this year will require such financing. The 2019 budget provides for an operational, or primary, deficit of R$139 billion. The deficit initially projected for 2018 was also R$139 billion. However, final figures are expected to show an actual deficit smaller than that. Bolsonaro signed the budget law, passed by Congress in December, with minor vetoes.
Link to government news agency release.
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