The norm, in detail
2025 Budget: extension by decree
Decree 1131/2024
in forceNATIONAL
Fiscal and monetary anchor
What changed and who it applies to
What changed
Faced with the lack of a 2025 budget law approved by Congress, the Executive Branch extended by decree, from January 1, 2025, the provisions of Law 27.701 (2023 General National Administration Budget). Per Chequeado (a secondary source, not anchored in a primary source), it would be the second consecutive extension of the 2023 Budget —the first, for 2024, reportedly by Decree 88/2023—, so the Executive would have governed two years in a row without its own budget law, executing spending with the flexibility that governing with the prior year's budget gives. verif · Dec 27, 2024 ↗
In force
January 1, 2025 (article 1 of Decree 1131/2024). The extension applied throughout fiscal year 2025; the cycle closed with the enactment of the administration's first voted budget, Law 27.798 (2026 Budget), published in the Official Gazette on January 2, 2026. verif · Jan 1, 2025 ↗
Who it affects
The entire National Public Administration (bodies, ministries, budget programs) and, indirectly, the provinces and the private sector that depend on national-State spending and transfers. It reallocates to the Executive control over spending detail by executing it without a new budget law enacted by Congress. verif · Dec 27, 2024 ↗
The norm
Decreto 1131/2024 of the National Executive Branch, signed on December 27, 2024 and published in the Boletín Oficial on December 30, 2024 (notice 318933). Executed by Milei, Guillermo Francos (Cabinet Chief) and Luis Caputo (Minister of Economy). Legal basis invoked: art. 99 inc. 1 of the National Constitution and art. 27 of Ley 24.156 on Financial Administration, which allows the prior year's budget to remain in force when no new law has been passed. verif · Dec 27, 2024 ↗
Our reading
Fiscal balance rules over the legislative calendar: with no new budget, the Executive extends the 2023 one and sustains the spending anchor (R1/R6). Governing two years with an extended budget gives the Executive more room to execute the adjustment without negotiating line by line, a declared priority of the program. What the thesis watches: extending the 'law of laws' weakens Congress's control over spending; the cycle's close came only with the 2026 Budget (Law 27.798), a signal of institutional normalization once the surplus was consolidated. thesis
Where it lands, province by province
Applies the same nationwide
We looked at this rule from each of the five provinces we track and found no effect that lands differently in any of them: it applies the same across the country.
The other rules on this subject19
Fiscal Package: asset declaration, moratorium and tax cutsLaw 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decree 1131/2024)in force
Payment to holdouts: closing the 2001-default lawsuitsLaw 27.818 (promulgated by Decree 564/2026, Official Gazette Jul 1, 2026)in force
The "lock on the State": fiscal balance by lawLaw 27.798 (2026 Budget), art. 1 — in force; the permanent "lock on the State" still a billpending
PAÍS Tax: it rose, fell and expiredDecree 29/2023 + Decree 777/2024 (expiry of Law 27.541, 12/23/2024)in execution
Renting out and selling housing no longer pays income taxLaw 27,802 Title XXIV + Decree 406/2026 (Official Gazette Jun 1, 2026)in force
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading