Fiscal adjustment

BRAZIL POLITICS - Report 15 Sep 2015 by Murillo de Aragão and Cristiano Noronha

The government announced a set of spending cuts and tax increases totaling R$ 64.9 billion on Monday, September 14. Almost 50% of this total (R$ 32 billion) would come from the re-creation of the CPMF (Provisional Contribution on Financial Operations), which depends upon congressional approval.R$ 11.7 billion also depends upon legislative approval. In total, R$ 43.7 billion depends upon Congress. This will not be a simple mission.

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