Brazil election: Lula wins 4th straight term as Bolsonaro refuses to concede
By Global News
Supporters of Brazilian President Luiz Inácio Lula da Silva celebrated in Brasilia into the early hours of Monday after he won an unprecedented fourth term, overturning a first-round deficit to beat Senator Flávio Bolsonaro in a runoff that split the country almost evenly. The victory bucks a wave of right-wing…
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Budget deficit
The amount by which a government's spending exceeds its revenue in a given year, covered by borrowing.
Persistent deficits add to public debt and can raise the cost of future borrowing.
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