The credibility of Brazil's new *Arcabouço Fiscal*, or Fiscal Framework, is rapidly eroding as the government has adopted accounting maneuvers that exclude tens of billions of reais in major expenditures from the calculation of its primary budget target. This decision to pay significant obligations "off-budget" has alarmed fiscal analysts, who warn the practice fundamentally weakens the country's commitment to macro-economic stability and is set to raise the nation’s risk premium.