Brazil’s government cut its estimate for budget savings for the second time this year, forecasting a deficit for 2016 as Congress steps up its opposition to tax increases and spending reductions.
The government foresees a deficit next year excluding interest payments of 30.5 billion reais ($8.4 billion), or about 0.5 percent of gross domestic product, Budget Minister Nelson Barbosa told reporters in Brasilia on Monday. That compares with a target of 2 percent at the beginning of the year and a revised objective of 0.7 percent announced in July.
Brazil Energy Insight 
Leave a comment