December 21, 2018 / 4:25 AM / 4 months ago

Mexican senate approves general terms of budget's revenue section

FILE PHOTO: Mexico's new Finance Minister Carlos Urzua presents the 2019 national budget next to lawmaker Porfirio Munoz Ledo of the ruling National Regeneration Movement party (MORENA) at the Congress in Mexico City, Mexico December 15, 2018. REUTERS/Alexandre Meneghini

MEXICO CITY (Reuters) - The Mexican senate approved the revenue section of President Andres Manuel Lopez Obrador’s 2019 draft budget in general terms on Thursday evening, though some discussion of specific articles will continue.

The senate passed the budget 70-49, with 4 abstentions, according to a live television feed of the vote on the chamber’s website.

The chamber is working through individual items one by one. If changes result, the revenue portion of the budget will return to the lower house, which passed the revenue section on Wednesday.

The administration of Lopez Obrador, who took office on Dec. 1, unveiled the budget over the weekend. 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 president’s National Regeneration Movement (Morena) party and its allies hold strong majorities in congress.

Reporting by Miguel Angel Gutierrez; writing by Julia Love; Editing by Christian Schmollinger

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