Brazil's Lula needs minimum $29 billion waiver from spending cap to meet campaign promises, says aide

FILE PHOTO: Brazil's President-elect Luiz Inacio Lula da Silva attends a meeting at Belem Presidential palace in Lisbon, Portugal, November 18, 2022. REUTERS/Rodrigo Antunes/File Photo

BRASILIA (Reuters) -The transitional government of Brazil's President-elect Luiz Inacio Lula da Silva hopes to obtain Congress approval for a minimum 150 billion reais ($29 billion) waiver from the constitutional spending cap to meet campaign promises, congressman Reginaldo Lopes said on Friday.

The amount represents a significant reduction from the proposal officially filed in Congress to exempt 198 billion reais from the cap for four years starting in 2023, which would cover Lula's entire term.