Milei’s party is in the minority in both houses of congress, which he has described as a “nest of rats,” and the president has not had any legislation passed since taking office last December.

The self-declared “anarcho-capitalist” won the country’s November elections vowing to take a chainsaw to public spending and eliminate the budget deficit.

By decree, he has halved the cabinet, slashed 50,000 public jobs, suspended new public works contracts and ripped away fuel and transport subsidies even as wage-earners lost a fifth of their purchasing power and annual inflation approached 300 percent.

Luis Caputo, Argentina’s economy minister, insisted on Tuesday that the bill is “an accelerator, an enabler of economic recovery.”

The debate is taking place with the economy mired in recession, amid a slump in construction, manufacturing and consumption.