Brazil - U.S. Business Council

  • About
    • Leadership
    • Meet the Team
    • BUSBC Policy Agenda
    • Events
  • Policy Agenda
  • Newsroom
    • Publications
    • Photo Gallery
  • Membership
    • Member Companies
    • Sponsorships
  • DID Member Login

Brazil’s Congress approves new 2016 deficit ceiling

May 25, 2016 by

In an important victory for Acting President Michel Temer, Brazil’s Congress early Wednesday raised the ceiling for the government’s 2016 primary budget deficit. The new ceiling will be R$170.5 billion, up from the previous limit of just R$24 billion. Temer told congressional leaders Monday the government needed to base its 2016 fiscal policies “on realistic numbers,” including a much higher deficit. Approval came in the early hours of Wednesday following 16 hours of debate and delaying tactics by opposition parties. Approval came through a voice vote by a joint session of the two houses of Congress. Failure to approve a new deficit ceiling could have led to a partial government shutdown on May 31. Temer must still face other, perhaps more difficult, congressional tests in the coming months. These include a constitutional limit on growth in federal spending and a sweeping reform of the nation’s bankrupt pension system.

Link to government news agency release

More Testimonials

Filed Under: Brazil News

Brazil In The News

Brazil-U.S. Business Council

View All Brazil News Alerts

Connect With Us

Brazil-U.S. Business Council
1615 H Street NW
Washington, DC 20062

Phone: 202-463-5729
Email: brazilcouncil@uschamber.com

  • Facebook
  • LinkedIn
  • Twitter
Copyright © 2022 | Brazil-U.S. Business Council | Privacy Policy