Brazil's Temer: deficit will equal GDP if spending not curbed

Enterprise

21/11/2016 11:57

BRASILIA, Nov 21 (Reuters) - Brazilian President Michel 
Temer warned on Monday that the country's budget deficit will 
equal its gross domestic product by 2024 if public spending is 
not brought under control and fiscal reforms not enacted. 
    Speaking to an advisory council of business leaders and 
prominent Brazilians, Temer said his government will send a 
proposal to reform Brazil's costly pension system, without which 
the budget cannot be balanced. A federal spending cap should 
pass Congress without changes in a few weeks, he said. 
 
 (Reporting by Anthony Boadle; Editing by Daniel Flynn) 
 ((anthony.boadle@tr.com; +55 61 98204-1110; Reuters Messaging: 
anthony.boadle.thomsonreuters.com@reuters.net)) 
 
Keywords: BRAZIL POLITICS/