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Pro-Bitcoin (CRYPTO: BTC) President Javier Milei of Argentina has personally presented the 2025 budget to Congress, reflecting his commitment to eradicating the country’s persistent fiscal deficit.
What Happened: Milei took the unusual step of presenting the budget himself, rather than delegating the task to his economy minister. He emphasized his commitment to a “zero deficit” budget, despite controlling less than 15% of the seats in the legislature, reported AP News.
Milei’s budget proposal follows a week of political disputes over proposed spending increases, which the administration warns could undermine its IMF-backed budget. Opposition parties have been pushing for laws to increase salaries and pensions in line with inflation, to help Argentines struggling with harsh austerity measures.
“The cornerstone of this budget is the first truth of macroeconomics, a truth that for many years has been neglected in Argentina: that of zero deficit,” Milei told lawmakers. He also pledged to veto any measures that threatened his stringent fiscal policy.
Despite his political isolation, Milei is determined to push forward with austerity. “Even if there is no compromise from the opposition, Milei will continue pursuing this fiscal contraction,” said Argentine economist Agustín Almada.
Milei’s administration has achieved a fiscal surplus of 0.4% of GDP through dramatic cuts to public spending, despite nearly 60% of Argentines now living in poverty. The austerity measures have sparked protests, particularly over pensions, but Milei remains committed to his fiscal policies.
While the government’s fiscal discipline has been challenged in Congress, Milei has vowed to veto any bills that increase spending without corresponding cuts. His future, however, largely depends on the support of Congress, which controls the government’s purse strings.
See Also: EXCLUSIVE: Scaramucci Predicts Harris Will Adopt A ‘More Open-Minded Approach’ To Crypto If Elected
Why It Matters: Milei, a known pro-Bitcoin president, has previously triumphed in preventing a pension spending hike, reflecting his commitment to fiscal discipline.
His austerity measures, however, have not been without controversy. In response to his economic policies, the Argentine province of La Rioja launched its own quasi currency following a deep recession.
Despite these challenges, Milei has received international praise, including from Tesla and Space X CEO Elon Musk, for his efforts in ‘restoring Argentina to greatness’.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Posted In: $BTC
