Republican Sen. Tim Scott (South Carolina) blocked a bill seeking to stop President Donald Trump’s unprecedented $20 billion bailout of Argentina and its far right government on Tuesday, with Democrats criticizing Republicans’ priorities as Americans languish under GOP cuts to social programs.
Sen. Elizabeth Warren (D-Massachusetts) tried to pass the No Argentina Bailout Act on Tuesday afternoon via unanimous consent.
In a speech on the Senate floor, she sharply criticized the Trump administration for giving far right Argentinian President Javier Milei a massive handout while gutting health care benefits for millions of Americans, causing prices to soar due to tariffs, and firing thousands of Americans working in key government agencies.
“[Treasury] Secretary [Scott] Bessent seems to be saying that the American economy can tank, and Americans can pay higher prices, but there will be no end to using American taxpayer dollars to bail out Argentina,” said Warren. “For Trump, the leader of Argentina is more important than American families struggling with rising costs for health care.”
The bill was blocked by Scott, who defended the bailout as backing “an important ally in South America” — an ally that, as Democrats pointed out, has been undercutting the U.S. on soybean exports and harming American farmers.
As Democrats pointed out, however, Trump and Republicans may have ulterior motives for the bailout. Popular Information reported last month that hedge fund manager Rob Citrone, a billionaire ally of Bessent, has significant investments in Argentina — and thus has a large financial stake in the success of the country’s economy.
The Trump administration also has political motivations for supporting Milei, a libertarian Trump supporter whose austerity measures caused poverty to skyrocket to above 50 percent in Argentina in his first six months in office.
Warren pointed out that the bailout is seemingly timed with Argentinian midterm elections coming up on October 26 which may lose Milei a majority in the country’s legislature.
“With global investors pulling their money from the country, trying to get off his sinking ship, and destabilizing its financial markets, his party’s electoral chances looked really slim. So, Trump is sending 20 billion U.S. taxpayer dollars to bail out Argentina and prop up Milei so he can stay in power,” she said.
Democrats also lambasted Republicans for supporting the bailout at the outset of the third week of the government shutdown, which is keeping thousands of federal workers in limbo and suspending crucial services supported by American taxpayers.
“Trump refuses to negotiate to keep the government open or prevent a massive spike in health care costs for Americans, but he’s eager to shell out $20 billion of taxpayer money to bail out his authoritarian buddy in Argentina,” said Sen. Chris Van Hollen (D-Maryland), a cosponsor of the bill, when Democrats introduced the legislation last week.
“All the while, Americans are stuck facing higher prices at the grocery store and higher premiums on their health insurance. We must put a stop to Trump’s brazen scheme to put himself and his cronies ahead of the needs of the American people,” Van Hollen said.
“It’s day 13 of the shutdown. What’s Trump doing? Negotiating a budget deal? No. Preventing premiums from doubling? No. Stopping 15 million Americans from losing health care? No,” said Sen. Bernie Sanders (I-Vermont), another bill cosponsor. “He’s meeting the Pres. of Argentina to reward him with a $20 billion bailout.”
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