Argentine senators approve 2026 budget in first for Milei

Argentina’s Senate has voted to pass President Javier Milei’s 2026 budget, his first since taking office.  Shortly after 9 p.m. on Friday, senators approved the budget bill with 46 in favor, 25 against, and one abstention. They subsequently approved each chapter of the budget individually. It is the first time the president has got a budget through Congress. The government has been working under a modified version of the 2023 budget since taking office — it did not file a bill for 2024, and Congress did not debate the one it sent for 2025. It is the first time in history that the same budget has been used for three years in a row. The budget estimates economic growth of 5% for 2026, annual inflation of 10.1%, and a dollar exchange rate of around AR$1,423 in December next year. The session, which started Friday at noon, was a long debate in which 33 lawmakers signed up to speak. At the start of the session, 47 senators from all parties were present. The text approved by the senate was the same as the text approved in the lower house last week. Deputies rejected Chapter 11, which included the repeal of the Disability Emergency and University Financing laws. After the national anthem was sung at the start of the session, Vice President Victoria Villarruel swore in Enzo Fullone, a libertarian from Río Negro. He replaced Lorena Villaverde, who was unable to take her seat after the opposition challenged her position because of an incident in which she was caught entering the United States with a kilo of cocaine in 2002. Last week, Milei denied rumors that he would veto the bill his government filed in Congress, after the Lower House approved it as a general item but rejected chapter 11. The government considers the chapter vital to avoiding a fiscal deficit, Milei’s main goal. In an interview with LN+ news channel, Milei said that having the budget approved by the lower house was “very important” and explained that his government would reallocate expenses to make up for the rejected article.  This means new cuts could be made in other areas.