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. Last Updated: 07/27/2016

Brazil Unveils Cuts

SAO PAULO, Brazil -- Seeking to bolster its economy, the Brazilian government released a new budget plan that slashes spending by $7.3 billion on schools, hospitals and other public programs.

Monday's announced cutbacks, part of a package of measures designed to revive the economy, are expected to pinch the large number of poor who rely most on public programs for health, education and other benefits.

Brazil hopes the measures will qualify the nation for an International Monetary Fund rescue package this week.