Mexico Lower House Approves Income Part of 2011 Budget

Mexico’s lower house of congress passed the income portion of the 2011 budget, approving a wider deficit and higher oil price than President Felipe Calderon originally proposed.

In a 354-81 vote, lawmakers the 2011 income law with a deficit equal to 0.5 percent of gross domestic product and an estimated oil price of $65.40 per barrel. Calderon on Sept. 8 proposed a deficit of 0.3 percent and estimated oil would sell for $63 per barrel on average next year.