Brazil backs Austerity bill amid violent protests

11/30, 4:18 AM (Source: TeleTrader.com)

Brazil’s senate approved the PEC 55 bill which imposes a strict cap on federal spending on Wednesday, amid thousands of demonstrators protesting the decision.

Rioters, mostly from leftist groups, turned over cars, burned them, and smashed windows of government buildings with rocks. Police fired tear gas and what appeared to be rubber bullets to disperse the crowd. They estimated the number of demonstrators to be at around 10,000.

The constitutional amendment, backed by 65 members of the senate and opposed by 14, would limit federal spending to the rate of inflation for 20 years, with a clause that allows presidential revision once ten years have passed. President Michel Temer proposed the bill, which has already been passed by the lower house and a senate committee. The first of the two voting rounds took place today, the second will be on December 13.

Teletrader Newsroom / RV