Lula Intervenes Personally in IOF Compensation Talks After Congress Defies Supreme Court

President Lula's press conference in Brasília today addressed the ongoing controversy surrounding the use of the IOF tax to compensate for recent tax cuts approved by Congress. The cuts were enacted despite a Supreme Court ruling mandating offsetting revenue measures. The Ministry of Finance proposed an emergency solution, but the President is personally involved in negotiations with the Senate and Chamber of Deputies. "We are discussing other possibilities," Lula stated, highlighting his efforts to reach a consensus. He even mentioned a lunch meeting at his residence to finalize the agreement. A decision is anticipated later today. This situation underscores the complex interplay between the executive and legislative branches in addressing fiscal challenges.