Good morning! Today, we’re talking about Jair Bolsonaro’s last-ditch attempt to win the election, the electoral authorities’ due diligence against threats to democracy, and the recent nightmare for the stock market.
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“Desperation Bill” passes, giving Bolsonaro billions to spend
The House cleared the last legislative steps to pass a constitutional amendment that places Brazil under a state of emergency until the end of the year — during which time the government will be able to disregard electoral rules and fiscal responsibility constraints to jack up spending on social programs.
New cash. The amendment allows the use of BRL 41.2 billion (USD 7.6 billion) on a 50-percent bump to monthly payments of the Auxílio Brasil cash-transfer scheme, as well as stimulus policies targeting truckers, taxi drivers, and senior citizens.
Why it matters. The move will inject billions of reais into the hands of poor Brazilians struggling to get their basic needs met, and could give President Jair Bolsonaro the momentum necessary to force a runoff against former President Luiz Inácio Lula da Silva...