December 21, 2018 / 1:30 PM / 6 months ago

Mexican Senate completes approval of 2019 budget's revenue section

MEXICO CITY, Dec 21 (Reuters) - Mexico’s Senate completed approval of the revenue section of the 2019 budget early on Friday without changing the version passed by the lower house earlier this week, sending it to President Andres Manuel Lopez Obrador’s for promulgation.

The Senate late on Thursday passed the budget 70-49 in general terms, with four abstentions, then worked through the night to vote down the individual reservations to the plan.

The administration of Lopez Obrador, who took office on Dec. 1, unveiled the budget on Saturday. It displayed more fiscal discipline than some market watchers had expected.

Lopez Obrador, a veteran leftist, took funds away from some areas and limited new spending plans in the short term.

The lower house will now tackle the spending part of the budget. It is due for approval by the end of the year.

The president’s National Regeneration Movement (MORENA) party and its allies hold strong majorities in Congress. (Reporting by Miguel Angel Gutierrez Editing by Paul Simao)

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