Bolsonaro Newfound Appetite for Spending Has Markets on Edge
- After $57 billion in aid, new spending proposal raises alarms
- Attempt to tap educational and legal funds hurts credibility
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Brazil’s President Jair Bolsonaro, who rose to power by painting himself a fiscal hawk, is suddenly pushing to ramp up social spending, leaving markets startled and budget experts confounded.
After doling out some $57 billion in cash this year, the president on Monday revived plans to make part of that aid permanent. To pay for the monthly handouts, he pitched tapping into education funds and pushing payments on legal settlements down the road.