(Reuters) - The former president of Brazil, Jair Bolsonaro, is strategizing a political comeback, anticipating support from U.S. President-elect Donald Trump, which may include using economic sanctions against current President Luiz Inácio Lula da Silva, the Wall Street Journal reported late Thursday.

Brazil’s former president wants to return to power and said in an interview he believes the U.S. president-elect will help make that happen, possibly via economic sanctions on his leftist rivals.

Brazil Finance Minister Fernando Haddad has unveiled a long-sought plan to cut 70 billion reais ($11.8 billion) from public spending through 2026 as investors’ fiscal concerns sink assets from the currency to stocks.

Brazil’s inflation picked up much more than expected in early November, adding urgency to government plans to cut swelling public spending that is pushing cost-of-living increases above target.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City,

Brazil's government on Wednesday proposed to expand income tax exemptions for lower-income Brazilians and increase taxes on those who earn more, while outlining plans to trim public spending in coming years.