Brazil’s New Fiscal Plan to Face Changes in Congress, Lira Says

Brazil President Luiz Inacio Lula da Silva’s proposal to overhaul the country’s fiscal rules is likely to undergo multiple rounds of changes before it faces a vote in congress, according to lower house Speaker Arthur Lira.

The fiscal framework Lula’s government submitted last month is a “satisfactory” start to discussions over public spending levels, Lira said Tuesday at an event in New York. But, he added, congress may seek additional changes to ensure it meets its budget targets even after representative Claudio Cajado, the bill’s rapporteur in congress, submits a first round of revisions to the plan this ...