Brazil's budget deficit will be under 130 billion reais when Bolsonaro takes over

Brazil's President Michel Temer said on Thursday that his government will leave a primary budget deficit of less than 130 billion reais ($33.3 billion) when he hands over to President-elect Jair Bolsonaro on Jan. 1.

Temer told reporters that Brazil could take up to 10 years to balance its federal budget. He urged Congress to pass his proposal for a minimum retirement age to advance the pension reform that his successor will inevitably have to tackle.