Brazilian senator files proposed welfare waiver from spending cap for 4 years

Brazilian senator files proposed welfare waiver from spending cap for 4 years By Reuters

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Economy 21 minutes ago (Nov 28, 2022 04:57PM ET)

(C) Reuters. FILE PHOTO: Senator Marcelo Castro poses during an interview with Reuters at the Federal Senate in Brasilia, Brazil November 23, 2022. REUTERS/Adriano Machado

BRASILIA (Reuters) – Brazilian Senator Marcelo Castro said on Monday that he officially presented to Congress a constitutional amendment backed by President-elect Luiz Inacio Lula da Silva to exempt the “Bolsa Familia” welfare program from a constitutional spending cap for four years starting in 2023.

Earlier in November, he had said that Lula wanted to permanently strip the program from the cap known as Brazil’s main fiscal anchor, which triggered negative reactions from markets, fearing the proposal’s impact on public accounts and the country’s debt.

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Brazilian senator files proposed welfare waiver from spending cap for 4 years

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