The goal of the chapter is to discuss the ways of state action in Brazil since Fernando Henrique Cardoso (FHC) to Dilma Rousseff. The intention is not to scrutinize the performance of public accounts but scrutinize the stance of fiscal policy, the role reserved to the State and the instruments of action of the public sector. The Cardoso government adopted the liberal view and the diagnosis that the public deficit was the cause of inflation. FHC's government created a new fiscal regime, based on the reduction of the state's role, control of the finances of subnational governments and the subordination of fiscal policy on protection of the public debt sustainability. The Lula government, even without moving the institutional changes from the previous period, changed the course of State action in favor of the defense of development. The initial proposition of Dilma's government followed the measures and sought to tackle old barriers to growth. In search of retrieve the competitiveness of industry, expanded tax incentives, defended the reduction of interest rates, increased infrastructure spending and tried to change the tax system.