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Brazil deficit much worse than thought: minister

Brazil's new Finance Minister Henrique Meirelles gives a press conference in Brasilia on May 20, 2016Brasília (AFP) – Brazil’s projected budget deficit for this year will be nearly twice as big as forecast when Dilma Rousseff was president, the new finance minister said Friday. Rousseff’s government vastly overestimated tax revenues from an economy in deep recession, minister Henrique Meirelles told a press conference. Rousseff’s government had calculated the primary deficit — the government’s deficit excluding debt payments — at 96 billion reais ($27 billion).

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