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Brazilian fiscal policy off track: Lula da Silva wants license to spend US$36 billion off the cap

Senator and rapporteur of the Budget 2023, Marcelo Castro, presented on Monday (Nov. 28) the PEC (proposed amendment to the Constitution) that allows the future government of Luiz Inácio Lula da Silva (PT, progressive-globalist) a license to spend R$198 billion (about US$36 billion) outside the spending cap.

The spending cap is the rule that limits expenditure growth to inflation.

Read the full proposal.

If the text is approved, the president-elect's . . .

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