Regardless of the outcome of Brazil’s upcoming presidential election, the next administration faces an immediate and daunting fiscal task: implementing a R$350 billion (US$68 billion) effort to pull the national debt trajectory back from a concerning upward spiral. Analysts estimate that stabilizing Brazil's soaring debt-to-GDP ratio by 2031 will require a fiscal adjustment equivalent to at least 2.5 percentage points of Gross Domestic Product, a figure that markets are skeptical either of the leading candidates can deliver.