The finance committee of Mexicos lower house of Congress on Tuesday rapidly approved the revenue section of President Andres Manuel Lopez Obradors 2019 draft budget, auguring speedy passage in the legislature his party controls.
Lopez Obradors leftist government only unveiled the budget proposal on Saturday night. It met with a positive initial response from financial markets, with investors warming to his commitment to keep a lid on spending.
The presidents National Regeneration Movement (MORENA) and its allies dominate Congress, having won the first outright majority in more than two decades.
Having been approved by the finance committee without changes, the revenue section is expected to go to the floor of the lower house on Tuesday afternoon. Once approved, the revenue budget proposal moves to the Senate.
The budget is a major test of Lopez Obradors credibility, which was shaken when he said on Oct. 29 he was scrapping a partly built $13 billion new Mexico City airport on the basis of a referendum that was widely panned as illegitimate.