Lula’s Weakened Spending Cut Plan Wins Final Congress Approval
- Haddad says congress changes to have little fiscal impact
- XP sees ‘significant decrease’ from ‘timid package’ of cuts
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After a marathon week of late night votes, Brazil’s Senate approved a weakened version of a government spending cut package meant to ease investor fears about the country’s deteriorating fiscal situation.
Senators passed the last of the three most important pieces of the fiscal plan Friday, delivering on President Luiz Inacio Lula da Silva’s efforts to push the package through both houses of Congress before the end of this year.