The Senate voted 46 in favour and 25 against, with one abstention, after the lower Chamber of Deputies greenlit the budget.

Milei’s ruling party saw gains in both chambers after legislative elections in October, allowing him to seek a series of major reforms in the second half of his term.

After operating for two years using the budget passed in 2023, Milei’s new spending bill aims to achieve zero deficit largely through spending cuts.

“We are not going to spend more than we make, we are going to get our accounts in order,” said Senator Ezequiel Atauche, a member of Milei’s ruling party.

One of Milei’s other proposed reforms, involving the country’s labour laws, drew thousands of protesters to the streets of Buenos Aires last week, causing the measure to be tabled until February.

“Buckle your seatbelts because there are going to be a lot more reforms,” Milei said recently.