| | |  Business News 
Mexico Opposition Calls for Tax Decreases
 The News
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April 15, 2010
| | Cordero says economic recovery isn’t without risks. | |
Mexico City – Treasury Secretary Ernesto Cordero said yesterday that the increase in gas prices was aimed at complying with the public budget approved by Congress. Mexico’s economic recovery is not exempt from risks, Cordero added as he asked deputies to carry on structural reforms.
As Cordero came to speak before Congress yesterday, PRI Dep. Oscar Levín Coppel warned that if the expenses of the federal government were not clear, or if they were not used to promote development, Congress could legally take measures to decrease taxes, including those approved by Congress itself last December.
The Treasury Secretary called for the expansion of bank credits to the private sector, and encouraged investments in infrastructure and housing. “Although the economic recovery is already in process, we must act carefully; the recovery is not without risks, even though the results of governmental efforts in rejuvenating the national economy are promising, given the clear signs of improvement in employment,” Cordero said.
He also said that the projections for the future of the Mexican economy had been adjusted: the Treasury Secretariat now projects an economic growth of 4.1 percent in 2010, instead of 3.9 as was expected at the beginning of the year. “And the projections could still be improved with political, labor and anti-monopoly reforms,” he added.
PRI Dep. Levín and PRD Dep. Armando Ríos Piter criticized the self-satisfied posture of the Treasury Secretariat and considered the increase in gas prices “irresponsible.” They reproved Calderón’s economic policy and said that the austerity plan presented by the federal government last month was insufficient. Levín said that the PAN government was “disorganized and incapable,” because “the administration of Felipe Caldrón has at its disposal a bigger budget than necessary.” He added: “We Mexicans are not ready to take the risk of putting more money than necessary in the hands of the federal administration’s champions, who decided to increase gas prices. We, the members of the PRI, will do everything in our power to prevent the federal administration from wasting the public budget with insulting wages for the upper bureaucracy.”
Billboards portraying Cordero’s caricature and banners asking President Felipe Calderón to give up his gas policy were placed behind the Congress podium by deputies of the Labor Party and several PRD deputies.
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