Spain's government sets 2017 spending limit of 118 billion euros

MADRID (Reuters) - Spain's government said on Friday it had set its 2017 spending limit at 118 billion euros ($125.55 billion). Spain's debt-to-gross domestic product (GDP) ratio for 2017 will be 99 percent, against 99.4 percent in 2016, Budget Minister Cristobal Montoro told a news conference. The government also proposed tax hikes on tobacco, alcohol and sweet drinks as part of its 2017 budget plans. ($1 = 0.9398 euros) (Reporting by Sonya Dowsett; Editing by Angus Berwick)