President Luiz Inacio Lula da Silva unveiled his 2024 budget proposal, promising to eliminate Brazil’s growing fiscal deficit through a number of new taxes that still require approval from lawmakers.

The plan, sent to congress on Thursday, will face many hurdles. While congressional leaders are reluctant to support tax increases, Lula plans to boost public spending even more in 2024.

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Lula Seeks to Spend More, Close Budget Gap With Taxes