Brazil's congress early Wednesday approved a deficit spending plan proposed by the interim government of President Michel Temer after 16 hours of debate. 

The government says it is facing a record 170.5 billion reais ($48 billion) primary budget deficit in 2016, far higher than suspended president Dilma Rousseff's earlier fiscal target of a 97 billion reais deficit.

The primary deficit, a key indicator for creditors, measures the difference between government spending and revenue, excluding interest payments on debt.