The Brazilian budget for 2002

The Brazilian government is expected to "make a significant cut" in the 2002 budget because revenues are not expected to match all Brazilian spending needs this year.

The Brazilian Planning Ministry, which is due to release a detailed spending program later today, could announce spending cuts of up to R$10 billion ( $1 = R$2,39).

The Brazilian budget shortfall is actually R$ 14,6 billion, and stems mainly from a rise in personal income tax brackets, funding requests by congressmen, and the minimum wage hike, among other factors.

According to the text, the Brazilian 2002 budget is likely to be