In tune with the adjustment of the State national, the president Javier Milei He asked the governors to implement cuts in the treasury for US$60,000 million to reduce total spending to 25 points of GDP. Tonight he presented the Budget 2025 with new calculation methodology to support the fiscal balance.
“I say to the governors: Fulfilling the commitment to reduce consolidated public spending to 25 points of GDP requires that the provinces as a whole make an additional adjustment of US$60 billion“, the head of state told the provincial leaders tonight, raising the need to review public accounts to lower inflation and reduce taxes. “We have already fulfilled our part of the agreement, now it’s up to you,” he added.
The president said that Argentines “throughout the country know perfectly well that for every peso that the provinces and municipalities stop spending, they can get it back in the form of lower gross income or other taxes.” And he spoke to the governors again: “If they comply with this popular mandate, good Argentines will be grateful.”
Javier Milei warned governors not to “underestimate” Argentines
However, He warned them that “doing the same old thing” is not going to work.“Let me say that there is something that I am sure the Argentines will not allow and that is that when the national State eliminates or lowers a tax, you want to raise yours, it will not work. The Argentines are a rebellious people and tired of the politicians’ tricks,” he stressed.
He then assured that The country is experiencing “a pivotal moment” in the history of Argentina and asked the provincial leaders to “do not underestimate” the situation“When I entered politics I told you that I did not see the lambs being led but the lions being awakened, and I tell you that if you have not seen it or do not want to see it, the lions have awakened,” he warned.
The president surprised everyone on Sunday by personally presenting the Budget to Congress, a responsibility that is usually the responsibility of the Minister of Economy. “I decided to do it personally for two reasons: because I am an economist and I am proud of that,” he said when explaining the reasons for his presence.
He then pointed out that the Budget “is not just another law” but rather the “law of laws.” He stressed that the cornerstone of the budget “is zero deficit” to curb the “compulsive spending” of governments.
“Today we are here to present a national budget that will change the history of our country, so that we can once again be the great Argentina that we once were. Today we are here to put a stop to the State,” he stressed, adding: “This budget protects fiscal balance, regardless of the economic scenario. Regardless of what happens at the macro level, the fiscal result will be balanced.”
For next year, the Government expects the economy to grow 5%, inflation to slow to 18.3%, the official dollar to advance at a pace similar to prices, reaching $1,207 in December, a primary surplus of 1.3% of GDP and a balance in the financial results of the Treasury.These are the main macroeconomic data contained in the budget project that the Executive Branch submitted to Congress.
Source: Ambito
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