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Brazil president’s plan to restore finances takes step forward

By Maria Carolina Marcello | BRASILIA

Brazil President Michel Temer won another victory on Tuesday in his effort to restore fiscal discipline when the lower house of Congress approved a constitutional amendment to cap spending for 20 years.

Heavy public spending, a recession and a massive corruption scandal rocking Brazil’s political establishment undermined confidence in South America’s biggest economy last year and stripped the country of its investment-grade rating with creditors.

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