Bottom Line Up Front
Today’s verdict: Colombia’s outgoing government has laid bare a budget locked at nearly 94%, leaving its successor barely 35 trillion pesos of room and sharpening the stakes of a July 20 tax reform — as Argentina’s World Cup quarter-final lands tonight.
Colombia’s fiscal squeeze. The outgoing finance ministry says 93.7% of the 2026 budget is locked, leaving only about 34.6 trillion pesos of room. It blamed court rulings for tens of trillions of pesos in lost fiscal space.
The tax reform’s rising stakes. That squeeze hardens the case for a tax reform the government still plans to file on July 20. It is the measure that reaches foreigners’ income, VAT and property.
Argentina’s quarter-final tonight. The region’s last team face Switzerland in Kansas City at 9pm Eastern. Spain beat Belgium to reach the semi-finals.
