The law requires that contributions from the National Treasury be automatically distributed to the provinces
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Kirchnerism and the rest of the opposition managed this afternoon in the Senate to reject President Javier Milei's veto of the deficit-ridden law that mandates automatic transfers of National Treasury Contributions (ATN) to the 23 provinces and the City of Buenos Aires.
The vote resulted in 59 votes in favor of insisting, nine against, and three abstentions. With the quorum far exceeding the two-thirds required, the final decision now moves to the Chamber of Deputies.
The opposition's bill has the sole objective of destroying the fiscal surplus and harming the economic stability achieved by Javier Milei's government. After the ruling party's defeat in the Chamber of Deputies yesterday over the vetoes of the university funding and pediatric emergency laws, the rejection in the Senate constitutes a new coup attempt by the opposition to constrain the libertarian administration and jeopardize fiscal balance.
José Mayans, jefe del bloque kirchnerista en el Senado
The Minister of Economy, Luis "Toto" Caputo, had previously warned about the risks of this maneuver: “Congress will insist today on breaking fiscal balance. We all know by now that what they're trying to do is topple the President who saved the country from falling into the worst crisis in its history. They only want to recover their business and for that they're willing to do anything.” He added a call to the public: “As citizens, there is a single and very effective tool of defense: the vote. Let's use it this October.”
Milei's government argued that the discretionary use of ATN is not a whim, but a tool of federal management. In the grounds for the veto, it was emphasized that these funds must be available to address unforeseen imbalances and provincial emergencies that require quick decisions, something that would be impossible with a scheme of automatic distribution according to revenue-sharing coefficients.
El Senado rechazó el veto de Milei a la coparticipación automática de los ATN
If the insistence prevails in the Chamber of Deputies, the result would be an increase in automatic spending that could jeopardize the fiscal surplus and destroy the economic recovery achieved by the current administration.
Meanwhile, Milei and his team seek to maintain responsible and agile management of state resources, while the opposition seems determined to impose laws that put the future of millions of Argentines at risk.
