November 21, 2016 / 12:32 PM / 2 years ago

CORRECTED-Brazil's Temer: debt will equal GDP if spending not curbed

(Corrects to public debt from budget deficit)

BRASILIA, Nov 21 (Reuters) - Brazilian President Michel Temer warned on Monday that the country’s public debt will equal its gross domestic product by 2024 if public spending is not brought under control and fiscal reforms not enacted.

Speaking to an advisory council of business leaders and prominent Brazilians, Temer said his government will send a proposal to reform Brazil’s costly pension system, without which the budget cannot be balanced. A federal spending cap should pass Congress without changes in a few weeks, he said. (Reporting by Anthony Boadle; Editing by Daniel Flynn)

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