The norm, in detail
2026 Budget: the first voted one of the Milei era
Law 27.798
in forceNATIONAL
Fiscal and monetary anchor
What changed and who it applies to
What changed
Congress enacts the first voted General National Administration Budget of the Milei administration: total spending of $148,069,293,526,549 and a projected surplus financial result of $2,734,029,655,055. Art. 1 orders closing fiscal year 2026 with a balanced or surplus financial result. It replaces two consecutive years (2024 and 2025) of governing with the 2023 budget extended by decree. verif · Dec 26, 2025 ↗
In force
Fiscal Year 2026 (in force from Jan 1, 2026; published in the Official Gazette on Jan 2, 2026, with no veto or observations indicated in the text). verif · Jan 2, 2026 ↗
Who it affects
The entire National Public Administration: National Public Sector bodies, spending allocations and resources by jurisdiction. Indirectly, every economic agent in the country, because it sets the framework of spending, resources and public investment for 2026 with a balanced/surplus financial ceiling. verif · Jan 2, 2026 ↗
The norm
Ley 27.798, passed by the Congreso de la Nación on Dec 26, 2025, published in the Boletín Oficial on Jan 2, 2026 (notice No. 15/26; internal detalleAviso ID 337027). 71 articles in 11 chapters. Official title in the BO: 'PRESUPUESTO'. verif · Jan 2, 2026 ↗
Our reading
After two years governing with the 2023 budget extended by decree, the ruling party gets Congress to vote its first budget, and it does so with the fiscal rule fixed in the articles: fiscal year 2026 must close balanced or in surplus (art. 1). It is the fiscal anchor (R1/R6) moving from cash management to a voted law, which gives the course predictability and institutional legitimacy. What to watch without presuming bad faith: the effective execution of spending and that the projected surplus holds against spending pressures over the year. 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