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Rousseff Veto Signals More Brazil Fiscal Control Next Term

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Brazil’s President Dilma Rousseff vetoed a budget law, signaling increased fiscal discipline as she prepares to nominate Banco Bradesco SA asset management chief Joaquim Levy as her finance minister tomorrow.

The bill that was approved by congress on Nov. 5 would have allowed tax cuts without identifying revenue sources to offset them. Justifying the veto that was published today in the Official Gazette, Rousseff said the bill had been proposed at a time when revenue was rising.