This article analyzes the organization of Brazil's social protection system after the Federal Constitution of 1998 (CF 1988). It also demonstrates that 1988 Federal Constitution favored the institutionalization of universalist public policies. This institutionalization took place amidst conflict with the stabilization goals of the Real Plan. The paper argues that such an institutionalization protected public spending in the social area of the macroeconomic management's minimalist project. It also identifies the implementation of social programs targeting the poor during the 1980's decade. Targeting is an innovation directly associated with the adjustment agenda. It reveals that under the FHC and Lula administrations there was an identical adoption of targeted social programs. The targeting of social protection did not possess power of veto over the universalist proposals arising from the democratization in the 1980's. It demonstrates that the Bolsa Família Program (Family Grant Program - PBF), the main mark of the Lula administration, is a large scale adaptation of the targeted programs of direct transfer of income in the FHC administration. The combination of universalism and targeting expanded the scope of social policy. However, the significant growth in social public spending has not been producing broad social results, although the poor in Brazil have benefited from the PBF's targeting.