Argentina's Milei Proposes U.S.-Style Government Shutdown Mechanism
The plan would bar spending after budget funds run out and add criminal penalties to central bank financing of the treasury, officials said.
- On Tuesday, Argentine President Javier Milei announced he will send Congress a bill introducing a government "shutdown" mechanism that would bar the executive from spending once budget allocations are exhausted.
- This measure is part of a package of economic reforms intended to relaunch the administration by maintaining permanent fiscal balance and preventing the Executive Branch from spending beyond available revenues.
- Milei linked the bill to a proposed revision of the Central Bank charter, which would prohibit the institution from financing the national treasury, with violations carrying potential criminal penalties.
- Following the announcement, Milei chaired a meeting at the presidential residence in Olivos to finalize the reform package, though the administration has not yet released the bill's text or implementation details.
- Milei claimed the package of reforms will repair "91 years of fraud by politicians" against Argentines, describing the measures as "Foundations for the new golden era" to relaunch his administration.
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(Buenos Aires = Yonhap News) Correspondent Kim Seon-jeong = Argentine President Javier Miller, known as the "Trump of South America," [will] government spending if the national budget is exhausted...
The president of Argentina, Javier Milei, announced that the government works on a bill inspired by the model of shutdown of the United States.The initiative seeks to prevent the public administration from continuing with expenditures when the approved budget runs out.The president explained that the proposal would establish that, once the allocated resources were consumed, the State would not be able to execute new expenses and part of the admi…
Milei plans US-style government shutdown mechanism to cap Argentina's spending
Argentine President Javier Milei announced on Tuesday that he will send Congress a bill to introduce a government 'shutdown' mechanism, modeled on the US system, that would bar the executive from continuing to spend once budget allocations run out. The measure is part of a package of economic reforms with which the president aims to relaunch his administration.
The president anticipated that work is being done to impose a mechanism known as "shutdown", which limits the use of public funds.Details and how it is used in the United States.
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