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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Unable to obtain the expected revenues Brazil’s federal government announced on Tuesday it was increasing the nation’s budget deficit target by R$20 billion this year, from R$139 billion to R$159 billion and further reducing costs.

“At first, everyone is against change in (budget deficit) target, including me,” said Finance Minister Henrique Meirelles at the much awaited press conference on Tuesday night. “(But) when revenue growth is shown, all [government and lawmakers] are responsible, realistic and consider the fiscal review as a consequence of revising inflation . . .

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