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BRASILIA, Nov 4 (Reuters) - The Brazilian lawmaker sponsoring the country's budget draft bill for next year proposed that the target for the so-called primary surplus is formally reduced, in an attempt to bring about more transparency to public finances.
Lower house lawmaker Ricardo Teobaldo, the bill's sponsor in Congress, told reporters in Brasilia that the proposal would bring the goal for the excess of government revenues over expenses before debt payments to the equivalent of 0.7 percent of gross domestic product, from a prior 2 percent of GDP. (Reporting by Marcela Ayres; Writing by Guillermo Parra-Bernal)