Don’t count your chickens before they’re hatched
14 October 2008
In a chicken and egg conundrum, the Senate Finance committee has held up final approval of the 2009 Federal budget until the PEMEX reform package is finalized.
The budget, as it stands, assumes the Federal Government will spend 3,460,636,600,000 pesos from existing resources, and will have to contract a debt of 253,497,000,000 pesos. That means, the Mexican national debt is only going up about 23 billion dollars… about two monts worth of U.S. military spending in Iraq. This could go down if oil and commodity prices (like food) go up.
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