Fox Looks to Cut Debt

Mexican President Vicente Fox’s proposed spending plan for 2006 seeks to use revenue from record high oil prices to reduce the nation’s international debt to 6.8 percent of GDP, its lowest level in more than three decades. Foreign-currency debt represented 9.8 percent of GDP in June. Fox is proposing total government spending next year of $176 billion, about the same in real terms as what was approved by congress for this year.