Lula and Flávio Bolsonaro Clash Over Public Debt in TV Globo Debate

President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro clashed over public debt and family indebtedness during the TV Globo presidential debate on Friday, October 23. The debate took place two days before the second round of the 2026 elections.

Flávio Bolsonaro opened the block by choosing family indebtedness as his topic. He accused the government of excessive spending and stated that public debt had reached 11 trillion reais. He also held high interest rates and government expenses responsible for the financial situation of Brazilian families.

“Instead of asking me, answer why you made the Central Bank independent?”

Lula responded by shifting the discussion to monetary policy and the autonomy of the Central Bank. He asked why his opponents had made the Central Bank independent during Jair Bolsonaro's government. The president defended his administration's credit and debt renegotiation policies.

On debt renegotiation, Lula defended a new stage of the Desenrola program. He said the government plans to hold auctions to acquire bank debts with discounts that could reach 95 percent. The initiative could move up to 150 billion reais.

Flávio Bolsonaro argued that the basic interest rate should be at 7 percent per year. He also promised a program to buy and renegotiate debts for individuals and legal entities, aiming to refinance debts and improve the financial conditions of families and companies.

The third block also covered full-time education and the retaking of territories dominated by organized crime. Flávio proposed classifying the PCC, Comando Vermelho, and militias as narcoterrorist organizations and promised tougher sentences. Lula accused his rival of making promises without results and defended strengthening federal police forces.

Despite their differences, both candidates committed to adjusting the minimum wage and pensions above inflation. They also agreed on the proposal for free public transportation on weekends.