November 30, 2016 / 12:50 AM / 10 months ago

Brazil Senate approves spending cap in first-round vote

BRASILIA, Nov 29 (Reuters) - Brazil’s Senate on Tuesday approved a drastic ceiling on federal spending in a first-round vote that hands a timely victory to President Michel Temer who is struggling to restore fiscal discipline amidst an economic recession and political crisis.

By 61-14 votes, the Senate backed a constitutional amendment that would limit federal spending, with the exception of health, education and debt payments, to the rate of inflation for 20 years, with an option for a presidential revision after 10 years. It is expected to clear a second and final vote on Dec 13. (Reporting by Anthony Boadle; Editing by Sandra Maler)

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