Overview

• The pension spending increase passed with a 61-8 vote in the Senate, reflecting strong bipartisan support.
• President Milei's veto threat is likely to be overridden by the two-thirds majority in both legislative chambers.
• Milei's economic policies have focused on severe spending cuts to achieve Argentina's first budget surplus in over a decade.
• The pension law includes cost-of-living adjustments to counteract the country's 260% annual inflation rate.
• Critics argue the pension hike will complicate efforts to balance the budget and reduce public spending.