The Presidential Daily Brief

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    Credit Demotion Inspires Brazil to Seek Budget Cuts

    No more downgrades, please. That’s the message from President Dilma Rousseff’s administration, which has just announced a proposal for an emergency $17 billion package of budget cuts and tax hikes. The move, which follows Brazil’s credit rating demotion to junk last week by Standard & Poor’s, immediately boosted the Brazilian real against the dollar. But analysts say the proposals — with targets marking a complete reversal from those announced just two weeks ago —  require congressional cooperation and will prove difficult to deliver.

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