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2h ago

Argentina's Congress Overturns Milei Vetoes on University and Hospital Funding

U.S. financing talks proceed against a backdrop of market stress before the Oct. 26 midterms.

Le président argentin Javier Milei à la 80e Assemblée générale des Nations Unies au siège de l’ONU à New York, le 24 septembre 2025.
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Overview

  • The Senate joined the lower house in rejecting vetoes to restore increased budgets for public universities and Buenos Aires' Garrahan pediatric hospital.
  • The votes mark a significant institutional pushback against spending cuts advanced by President Javier Milei.
  • U.S. Treasury Secretary Scott Bessent said Washington stands ready to assist and will meet Finance Minister Luis Caputo in Washington in the coming days to discuss support options.
  • Possible U.S. measures under discussion include a roughly $20 billion currency swap, credit facilities, or selective purchases of Argentine debt, according to prior briefings.
  • Markets remain jittery and the peso is under pressure ahead of the Oct. 26 legislative elections, as Milei's small congressional bloc limits his room to maneuver and protesters celebrated the Senate decision outside Parliament.