Aug. 13 (UPI) -- Colombia's Congress has begun to debate the 2026 national general budget bill, a proposal from President Gustavo Petro's government that totals $138.4 billion -- equal to 28.9% of the nation's gross domestic produce. If approved, it would be the largest in the nation's history.
The proposal calls for a 6% to 8% increase over the 2025 budget and prioritizes social spending, debt service and public investment programs.
Debate over the proposal comes amid strong criticism from oversight agencies and analysts because $6.53 billion of the budget depends on a tax reform that has yet to be approved.
The Comptroller General's Office warned the shortfall poses a significant fiscal risk, especially since the government already has invoked an escape clause in the fiscal rule through 2028, allowing it to temporarily expand the deficit and debt beyond legal limits.
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