Mexican Lower House Panel Passes Spending Budget

MEXICO CITY (AP) — The finance committee of Mexico's lower house of Congress has approved a 3.18 trillion peso ($244 billion) spending budget for 2010.

The committee approved the budget early Monday. The full house was expected to vote on the bill later in the day.

Lawmakers approved the revenue portion of the budget last month, including a package of tax increases designed to offset falling income from an economic recession and declining oil production. The bill raises the value-added tax from 15 to 16 percent and hikes income tax rates from 28 to 30 percent.

The Senate does not need to approve the spending bill.