By Eric Martin and Brendan Case
Mexico’s Congress passed the revenue side of next year’s budget after lowering its forecast for the price of oil to account for volatility in global crude prices.
The lower house today passed changes approved last night in the Senate, sending the bill to President Enrique Pena Nieto for enactment. The Senate Finance committee this week lowered its estimate for oil exported by Mexico next year to $79 a barrel from the $81 originally passed by the lower house earlier this month. The government had projected the price to be $82 in its budget proposal on Sept. 5.
Mexico is seeking to reduce the deficit in 2015 and erase it in coming years after increasing spending this year in an effort to boost an economy that grew 1.4 percent in 2013, the least since the 2009 recession. Pena Nieto also pushed through ... Read More