RIO DE JANEIRO, BRAZIL - The administration and the Congress sealed an agreement that could raise spending to more than R$125 (US$22) billion to fight the Covid-19 pandemic, by placing these funds outside the fiscal target and the constitutional spending cap, the rule that limits raising government spending in one year greater than inflation the prior year.
In the same agreement, the government yielded to pressure from legislators and must preserve R$16.5 billion in earmarked funds within the budget, by cutting costs and investment spending.[Earmarked funds must be spent where members of Congress, not the . . .
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