Brazil’s public sector registered another big primary deficit in November, this time reaching R$19.6 billion, up from an October monthly deficit of R$11.5 billion. The November figure brought the 12-month primary deficit up to R$52.4 billion from R$40.9 billion as of October. The Central Bank released the November figures on Tuesday. The deficit has been widening because of a spreading recession, which has hurt tax revenues while increasing spending on benefits. The current budget law provides for a deficit of up to R$119 billion for the 2015 calendar year. The figure was recently raised to that level in order to take into account expected payments of R$57 billion in arrears owed by the Federal Treasury to state-run banks and funds.
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