MEXICO CITY — In a session marked by debate and political
division, the Senate approved the 2026 Revenue Law, which includes a higher
debt ceiling and a slower reduction of the fiscal deficit, meaning the country
will assume new financial commitments during the next fiscal year.
The measure, supported by the ruling majority, establishes a
substantial increase in public debt, both domestic and foreign, with the
argument of boosting investment in infrastructure, social programs, and
strategic projects of the federal government.
However, opposition legislators warned that this policy
jeopardizes economic stability and the sustainability of public finances by
raising the national debt level to figures they described as “historic.”
“This Revenue Law condemns Mexico to an unpayable debt and
jeopardizes the future of generations to come,” one of the opposition senators
stated during the debate. “Furthermore, it is shifting the tax burden onto
citizens through inefficient tax collection and uncontrolled public spending.”
The report projects a net domestic debt of up to 1.4
trillion pesos and external debt exceeding 16 billion dollars, figures that
surpass those approved in the previous budget. It also projects a gradual
decrease in the fiscal deficit, but at a slower pace than estimated by
international financial institutions.
The ruling party defended the measure, arguing, as expected,
that the increase in borrowing is “responsible and necessary” to maintain
economic growth, strengthen public investment, and meet social commitments.
They argued that, despite the increase, Mexico continues to maintain a
manageable debt-to-GDP ratio compared to other economies in the region.
However, economic analysts and international rating agencies
have expressed concern about the increasingly narrow margin for public
spending, the dependence on oil revenues, and the lack of structural fiscal
measures to strengthen non-oil revenue collection.
The 2026 Revenue Law will now go to the Executive Branch for
enactment, amid a challenging economic landscape and growing inflationary
pressures that could impact the purchasing power of Mexican households.
“More debt today means less social investment tomorrow,”
warned economists consulted, who pointed out that the country faces the dilemma
of financing its development with debt or pursuing a comprehensive tax reform.