Lula’s Spending Plan to Be Discussed in Congress Next Week
- President-elect has until Friday to send proposal to lawmakers
- Investors closely watching bill, worried about public spending
Economist Aloizio Mercadante (left), Workers' Party President Gleisi Hoffman (center), and Vice President-elect Geraldo Alckmin arrive for a press conference in Brasilia on Nov. 3
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
Brazil’s President-elect Luiz Inacio Lula da Silva has until Friday to send lawmakers a much-awaited budget bill describing how he intends to finance key campaign promises, including a large program of cash handouts to the poor, according to Gleisi Hoffmann, one of the coordinators of his transition government.
The proposal, closely followed by investors worried about the impact of public spending on inflation, won’t start moving through congress before next week, Hoffmann, who’s also the president of Lula’s Workers’ Party, told reporters on Wednesday.