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Omnibus Bill Unexpectedly Returned To Committee In Major Setback For Milei

ARGENTINA
  • In an unexpected move, the government was forced to return its signature omnibus bill to committee yesterday, after it became clear that it had insufficient votes in the opposition-led lower house to get its approval. This was despite the lower house approving the bill in a general vote last week, ahead of a second vote on the individual articles this week. President Milei blamed the country’s provincial governors for destroying the bill.
  • Reports are that the government will now return to square one, with congressman Oscar Zago, one of Milei’s allies, filing a motion to ask for discussions to start from the beginning. President Milei has said that the government remains committed to its economic reform programme. Meanwhile, Economy Minister Luis Caputo said that the bill’s return had no impact on the plan to stabilise the budget as only 20-25% of the government’s economic measures were included in the bill and fuel tax hikes and spending cuts will make up for other missing revenue.
  • JP Morgan note that against this backdrop, the possibility of President Milei calling for a non-binding referendum has grown, something he suggested he could do if facing a logjam in Congress. They also suggest that Milei could insist on negotiating with the governors with additional concessions or issue a legal challenge to the decision.
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