Mexican lawmakers pass 2011 budget revenue bill

MEXICO CITY Oct 20 (Reuters) - Mexico's lower house of Congress approved the revenue portion of the 2011 budget that calls for a higher deficit and oil prices than those proposed by President Felipe Calderon.

Lawmakers, wrapping up the voting session in the early hours of Wednesday, agreed to allow the 2011 budget deficit to touch 0.5 percent of gross domestic product, above Calderon's proposal of 0.3 percent.

That deficit tally does not include debt issued by state-oil company Pemex which investors assume would get a government bailout if the monopoly ran into trouble.

The 2011 estimated price of a barrel of oil was set at $65.40, higher than the $63 a barrel that Calderon wanted.

The full budget plan is due to clear Congress no later than Nov. 15.

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For a factbox on the budget please see: [ID:nN19200690]

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Calderon asked lawmakers to keep a lid on deficit spending when he presented his 2011 budget in September, but opposition legislators said more outlays were justified as Latin America's No. 2 economy struggles out of a deep recession. (Writing by Cyntia Barrera Diaz, Editing by W Simon )