Spending on Mexico's federal budget approved

Mexico's lower house of Congress approved the income section of the government's 2013 budget proposal on Wednesday, which plans for a slight increase in revenue next year as a global slowdown drags on Latin America's second economy.

Lawmakers voted 417 in favor and 33 against to pass the income bill with only minor modifications, including a higher estimated price for the country's crude oil exports next year, which bumps up expected revenue from the state oil firm.

Mexico depends on income from the state oil monopoly Pemex to fund nearly one-third of the federal budget, and the increase in the oil price gives lawmakers more funds to allocate.

Source: Reuters