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ARGENTINA LAWMAKERS FAIL TO OVERTURN MILEI VETO OF UNIVERSITY FUNDING

By Reuters
October 10, 20249:05 AM GMT+2Updated 3 days ago
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BUENOS AIRES, Oct 9 (Reuters) - Argentina's lower house of Congress failed on
Wednesday to muster the votes needed to reverse President Javier Milei's veto of
a law that would have boosted university funding, a win for the libertarian
leader after mass protests opposing his move.
Milei vetoed a bill last month that would have updated public university funding
in line with Argentina's triple-digit inflation rate, one of the world's
highest. Thousands of people have since demonstrated against his cuts to
education and healthcare.
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Lawmakers voted 160 in favor of the university funding law with 84 against and 5
abstentions, falling six votes short of the two-thirds majority of those present
needed to reverse the president's veto.
Milei's far-right party makes up only a small minority in Congress, but it has
formed alliances with conservative lawmakers to prevent the opposition from
gathering the two-thirds needed to ratify the law.
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"What we saw today was a power struggle," conservative PRO party lawmaker
Alejandro Finocchiaro told reporters. "If the presidential veto did not pass, it
would have been a very bad sign for markets."
Item 1 of 4 Students protest outside the National Congress after lawmakers
failed to overturn Argentine President Javier Milei's veto of a university
funding law, in Buenos Aires, Argentina October 9, 2024. REUTERS/Martin
Cossarini
[1/4]Students protest outside the National Congress after lawmakers failed to
overturn Argentine President Javier Milei's veto of a university funding law, in
Buenos Aires, Argentina October 9, 2024. REUTERS/Martin Cossarini Purchase
Licensing Rights, opens new tab

Milei argues that the law would jeopardize a fiscal balance he has promoted to
tackle a long-running economic crisis, and has pledged to veto anything that
threatens it. Argentina's health, pension and education spending have been the
hardest hit by Milei's public cuts.

The law vetoed by Milei would have adjusted public education budgets due to
inflation. University salaries have lost around 40% of their purchasing power
due to inflation.
Under Milei's austerity drive, high inflation has started to slow but Argentina
is deep in recession and poverty rates have surged over 50%.
But opposition to the president's spending cuts, especially to education
funding, still retains impassioned supporters.

"The right to public education defines our nation," opposition center-left UCR
party lawmaker Facundo Manes said during the veto debate. "Education is the best
economic policy of the 21st century, which is why we will not give up defending
it."

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your day. Sign up here.

Reporting by Nicolas Misculin and Walter Bianchi; Writing by Sarah Morland;
Editing by Chris Reese, Leslie Adler and Mark Porter

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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