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Senate Gives General Approval to Milei’s 2026 Budget, Sets Up Contentious Article Votes

The vote signals fiscal discipline to investors after two years of rollover spending.

Overview

  • Lawmakers passed the bill in general by 46–25 with 1 abstention, delivering the libertarian government its first full-year budget.
  • The Senate now moves to chapter-by-chapter votes, with a tight fight over Chapter II that includes Article 30 eliminating statutory minimums for education, science and defense.
  • Any change to the text would send the bill back to the Chamber of Deputies for a second review, complicating the year-end calendar.
  • The government mounted a floor operation led by Interior Minister Diego Santilli alongside Patricia Bullrich and Treasury Secretary Carlos Guberman, as UCR senators flagged objections and some Peronists supported the general vote.
  • The plan outlines 148 trillion pesos in spending with 5% GDP growth, 10.1% inflation, an exchange rate of 1,423 per dollar by December 2026, a 1.2% primary surplus, and it has drawn opposition warnings that Articles 55 and 56 expand debt powers without sufficient controls.