Argentine Senate Approves Pension Hike, Challenging President Milei's Austerity Measures

The Senate's decisive vote undermines Milei's fiscal reforms aimed at reducing Argentina's budget deficit and inflation.

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.