Brazil will unveil a spending freeze of 70 billion reais ($23 billion) on Friday, limiting outlays to convince investors that President Dilma Rousseff is committed to saving the nation's investment-grade rating, Reuters cited a government official as saying. To strengthen the impact of the announcement, Rousseff also ordered an income tax increase for banks earlier on Friday, in a clear sign that her government is ready to push ahead with austerity despite stiff political opposition. A freeze of that size would be in line with market expectations and the biggest since Rousseff took office in 2011.
