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Brazil Unveils $17B in Taxes, Spending Cuts to Plug Deficit

Brazil's government announced spending cuts and tax increases totaling 65 billion reais ($16.9 billion) on Monday as it scrambles to close a budget deficit that led to a downgrade of the country's credit rating last week. The biggest item was the revival of the unpopular CPMF tax on financial transactions that will raise 32 billion reais next year if it passes a Congress opposed to new taxation. The drastic cuts hit agricultural subsidies, infrastructure investments, government...

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