Overview

• President Javier Milei personally presented the 2025 budget to Congress, emphasizing a zero-deficit policy backed by the IMF.
• The budget proposal follows a week of clashes in the legislature, where Milei's party holds less than 15% of the seats.
• Milei's austerity measures have led to a fiscal surplus but have also increased poverty rates, with nearly 60% of Argentines now living below the poverty line.
• Key elements of the budget include cuts to public spending, removal of subsidies, and freezing of wages and pensions despite high inflation.
• Milei faces significant opposition in Congress, which has already rejected his plans for increased intelligence spending and passed a bill to raise university funding, both of which he plans to veto.