The party of Argentinian President Javier Milei won an overwhelming victory in the nation’s legislature over the weekend, despite recent financial and political turmoil that has led to an offer of a bailout from the Trump Administration.
The October 26 victory was a litmus test for the policies of the Argentinian president, who is focused on curbing fiscally crippling inflation and instituting deep austerity measures to restore the flailing economy of the South American nation.
“Today we passed a turning point,” Milei told supporters. “Today begins the building of a great Argentina.”
“We want to be a country that grows,” continued Milei, adding that with his party’s victory he will “make Argentina great again.”
Milei’s party, La Libertad Avanza (LLA), received over 40% of the vote, despite predictions by critics that the pain caused by Milei’s budget cuts would push Argentinian voters away from his libertarian policies.
The LLA had witnessed a brutal loss during provincial elections in Buenos Aires in September, as the Argentinian peso’s value crashed, leading to Trump’s offer of financial support to assist his friend, Milei, in the critically important federal election.
Several corruption scandals among Milei’s inner circle had also caused his approval ratings to drop about 10 points recently, but crippling infighting among left-wing opposition parties weakened attempts to stop the LLA from gaining additional seats in Congress.
Voter turnout was 68%, the lowest in any national election since the end of the junta in 1983, despite voting being mandatory.
LLA gains in the Chamber of Deputies and the Senate will now give the president enough legislative support to continue pushing his ambitious political and economic agenda without having to worry about his vetoes being overridden by the opposition.
Despite the LLA only having a minority in Congress for the first half of his presidency, Milei was able to pass much of his agenda with a stable approval rating of about 50% in his first year.
However, his emboldened political opponents have recently attempted to overturn his veto of spending bills that would increase funding for universities and health care.
Milei is a self-described anarcho-capitalist and a close ally of Trump. His policies since being elected president have significantly curbed Argentina’s inflation rate, which has caused years of economic stagnation.
He was swept into office in 2023 as an outspoken economist and gained support by criticizing the political establishment, which has caused Argentina to fall from one of the richest nations in the world to failed-state status.
Trump, who endorsed Milei, said that a LLA victory would decide whether the United States would extend a financial lifeline to Buenos Aires in the form of a $20 billion currency swap.
Milei’s win also gives a major boost to the White House’s efforts to reassert American influence in South America and counter Communist China’s aggressive encroachments into the region.
Milei has won acclaim abroad for curbing Argentina’s inflation from 160% annually when he was elected, to about 30% in 2025.
Although his radical fiscal austerity measures have led to a budget surplus, restored Argentina’s credibility abroad, and reduced overall poverty, the deep spending cuts have hurt certain sectors of the population, like government workers.
The New York Times reported that many Argentinian voters said they decided to continue giving the president more time to implement his agenda and had a lower opinion of the Peronist opposition, whom they blame for the high spending that has caused economic instability for the past half century.
The Argentinian president said that his upcoming policies would include making it easier to start a business, overhauling labor laws, making contracts more flexible, shrinking the size of the government, reducing regulations and taxes, streamlining bureaucratic procedures to encourage more economic investment, and boosting nationwide employment and wages.
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