This article rebuilds the process of the institutionalization process of the financing of Unified Health System (SUS), impaired, initially, by the macroeconomic policy conditions, developed during the decades of 1990 and 2000, and, ultimately, by the effects caused by the present phase of capitalism, concerning financial capital supremacy. It also identifies, within the political and economic framework, conflicts existing with the economic area of the federal government, highlighting the conditions imposed to financing and the concept of health, being universal and an essential component of Social Security.