Rousseff Passes Fiscal Test as Brazil Approves Budget
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Brazil’s congress, with the support of President-elect Dilma Rousseff’s team, approved a 5.9 percent increase in the minimum wage, resisting pressure from labor leaders for a bigger rise and signaling her commitment to contain public spending next year.
Lawmakers approved last night the 2011 budget bill, which lifts the monthly minimum wage to 540 reais ($318). Unions were seeking a 14 percent increase. The country’s benchmark inflation index is expected to rise 5.9 percent this year, according to central bank estimates.