October 11, 2016 / 12:42 AM / 2 years ago

Brazil's lower house approves spending cap in initial vote

BRASILIA, Oct 10 (Reuters) - Brazil’s lower house of Congress approved a landmark proposal to cap public spending in a first-round vote on Monday, a major victory for President Michel Temer’s efforts to regain market confidence and pull the economy out of its worst recession ever.

The core text of the constitutional amendment was approved by 366 votes, well above the 308 or three-fifths needed for passage. Eight requests filed by the opposition to change amendment provisions will be voted later on Monday.

The amendment, which limits federal spending growth to the rate of inflation for at least 10 years, still needs another super-majority vote in the lower house and two in the Senate for final approval. (Reporting by Maria Carolina Marcello; Writing by Alonso Soto; Editing by Sandra Maler)

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