And the president suffers a slight pay cut
*Updated Oct. 30*
Mexican Finance Minister Luis Videgaray today delivered to the nation's Chamber of Deputies a proposed 2015 federal operations budget of 4.7 trillion pesos. At the current exchange rate of about 13.5 pesos to the dollar, the sum represents $348 billion U.S. dollars.
In this transmittal message Videgary noted that the PRI administration's budget contemplates no new taxes in the year ahead.
The Chamber, which is the equivalent of the U.S. House of Representatives, must review and vote on the spending bill, and will do so before the year's end. Mexican deputies approve $344 billion USD 2014 budget.
President Enrique Peña Nieto will receive a modest pay reduction next year, from 255,000 to 249,000 pesos per month. That's $19,154 USD, and includes base salary and a generous benefit package. Mexican minimum wage in 2014 will be $5 dollars - a day.
Oct. 30 - With slight modifications Mexico's Senate approved the budget yesterday on a vote of 86-25. It was previously approved by the lower legislative chamber, the Cámara de Diputados, but will now be returned to deputies to work out differences in the two versions.
Jan. 1 - Mexico's finance minister gets prestigious awards
Aug. 13 - Mexican economy remains stuck on a southbound train
Aug. 21 - Mexican Supreme Court upholds IVA tax increase in border zone, a keystone of Peña Nieto's fiscal reforms
Deputies were delivered the massive 2015 budget
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