Brazil's Meirelles says wants spending cap approved this year

SAO PAULO: Brazil's government expects to approve a federal spending cap this year with few if any changes from its original proposal, Finance Minister Henrique Meirelles said on Thursday.

Meirelles added that tax revenues are likely to recover as the economy lifts off from a severe recession, without the need for tax increases this year.

Data on Thursday showed tax revenues fell 10 percent in August from a year before.