© Reuters. Brazil’s President Luiz Inacio Lula da Silva attends a session to promulgate the new tax reform at the National Congress in Brasilia, Brazil December 20, 2023. REUTERS/Adriano Machado/ File Photo
Exciting news from Brasilia! The Brazil congressional budget committee has given the green light to the 2024 budget bill, with a smaller spending cut than anticipated for President Luiz Inacio Lula da Silva’s growth acceleration program.
The bill now heads to a joint session of Congress for a vote, which is expected to take place on Friday.
Lawmaker Luiz Carlos Motta, who is overseeing the bill, has made some significant changes, backing down from earlier drafts and reducing the budget slash for the government’s “growth acceleration” program, also known as PAC, according to the Senate news agency.
Initially proposed to face a cut of almost a third of the 61.3 billion reais ($12.55 billion), the program will now see a reduced budget slash of 6.3 billion reais.
($1 = 4.8844 reais)
