Mexico president gambles with left-leaning reform - WAOW - Newsline 9, Wausau News, Weather, Sports

Mexico president gambles with left-leaning reform

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MEXICO CITY (AP) -

Analysts and politicians say President Enrique Pena Nieto is gambling that he can quiet left-wing opposition through a surprise plan to increase social spending with taxes on the wealthy. But he still faces a tough battle to enact his most ambitious reform: opening Mexico's state oil company to private investment.

The country's main leftist party is welcoming Pena Nieto's fiscal reform, which introduces Mexico's first national pension plan, unemployment insurance, capital gains tax, carbon tax and a levy on soft drinks.

But the head of Democratic Revolution Party warns that the measures won't persuade left-wing legislators to get behind Pena Nieto's proposal to let private firms invest in the national petroleum industry.

Analysts said Monday they fear the compromise package won't bring in badly needed revenues.

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