BUENOS AIRES, Argentina (AP) — Argentina’s Senate narrowly approved President Javier Milei ’s sweeping proposals to slash state spending and boost his own...
’s sweeping proposals to slash state spending and boost his own powers on Thursday, handing the libertarian leader a much-needed first legislative victory .
The Senate’s changes to the state overhaul bill now face a final vote in the lower house. But after months of legislative pushback, it’s likely that the version approved by senators will become law. Analysts said the bill's advance was enough, at least in the short term, to reassure jittery markets that Milei's agenda has enough supporters to survive Argentina's mounting political chaos and social unrest. Argentina sovereign bond yields jumped on news of the approval Thursday.
In a reflection of the governing party’s weakness, Villarruel again used a casting vote to approve Milei's expanded powers after a 35-35 tie. Argentine riot police fired water cannons and tear gas to disperse protesters who threw stones and Molotov cocktails outside Congress on Wednesday. The protests come as Argentina's Senate began voting on a state overhaul and tax bills proposed by President Javier Milei in the most serious test to date of the libertarian leader’s vision of governance and change.
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