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Brazil is seeking to reduce a budget deficit that led to a drop in the country’s credit rating. The government announced spending cuts and tax increases totaling almost $17 billion in September. Officials said they plan to bring back the CPMF, a tax on financial transactions. The government hopes to raise more than $8 billion next year if Congress accepts the tax. However, many lawmakers oppose the measure. Other proposed cuts would reduce government aid for farmers, infrastructure improvements and pay for government employees. Public health and low-cost housing programs could also face cuts. The government reduced tax subsidies for the chemical industry. It also reduced aid for exporters of manufactured goods and raised taxes on capital gains, profits from sales of investments. Some are calling for the president to resign. Economists have said the expected savings look promising. However, the speaker of Brazil’s lower house of Congress said there is not enough support to approve the CPMF tax. The head of Brazil’s Senate said deeper cuts are needed before Congress will agree to more taxes. The government is closing 10 ministries to save money. Also, the proposed reduction in public health and housing spending will be difficult for supporters of President Rousseff. Brazil recently lost its high credit rating. Standard & Poor’s no longer considers the country’s debt securities as investment grade.