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Less than two years after taking office, Javier Milei has led his libertarian coalition La Libertad Avanza (LLA) to victory in Argentina’s midterm elections, the 26 October legislative vote that renews half of the Chamber of Deputies and one-third of the Senate. With roughly 41% of the national vote, LLA finished first ahead of the Peronist front, strengthening its parliamentary weight but falling short of an outright majority. Turnout was around 68%, one of the lowest since the democratic transition—an indicator of the country’s social and political fatigue.
What kind of elections are these?
Argentina’s “midterms” are legislative elections held midway through a presidential term: every two years voters choose 127 of the 257 seats in the Chamber of Deputies and 24 of the 72 seats in the Senate. The president is not on the ballot, but the outcome measures the government’s strength in Congress and its capacity to push (or block) reforms. This time, LLA and its allies significantly improved their position in the lower house, approaching (and, according to several outlets, reaching or slightly surpassing) the one-third threshold of deputies—a crucial number that lets them shape the legislative process and shield presidential decrees, while still falling short of the quorum needed to pass structural reforms alone.
The headline numbers
Based on projections and results released overnight, LLA topped 40% of the vote, with Peronism a bit above 31%. The victory is politically clear but does not hand Milei total control of Congress: to pass heavier legislative packages, the government will still need agreements with centrist forces and Mauricio Macri’s PRO, an external ally and key interlocutor across several provinces. Markets reacted positively, with Argentine assets rebounding as analysts read the vote as a mandate to continue the economic shock therapy.
The electoral map
The map shows Milei’s support consolidating across much of the interior, with strong results in Córdoba, Mendoza, Santa Fe, and Entre Ríos, and an overall performance better than in recent local races where Peronism notched municipal wins. In some provinces LLA clearly led the count; in others it grew into a competitive second force, contesting key districts. The picture confirms a territorial split: Peronism retains strongholds in parts of the North and in specific urban segments, but LLA is advancing in many productive, export-oriented areas.
Why Milei won
1) A “referendum” effect on the economic program. Voters treated the election as a judgment on the government’s first two years—marked by spending cuts (“chainsaw”), deregulation, and subsidy overhauls. Despite a tough social context, part of the electorate rewarded reformist consistency and the promise of stabilization after years of chronic crisis. The message “stay the course rather than go back” resonated.
2) Peronist fatigue and fragmentation. Internal divisions, leadership erosion, and the wear and tear from years of high inflation undercut Peronism’s ability to present a credible nationwide alternative. Where governors preserved efficient local machines, results were less negative; elsewhere, LLA seized the opening.
3) A widened coalition and coordination with allies. The ability to weave tactical agreements with the center-right and provincial lists expanded the government’s reach in decisive districts, especially in the Chamber. This “umbrella” helped LLA turn dispersed support into seats.
4) Security and anti-caste agenda. The anti-elite frame and hard-line stances on law and order and political privileges continued to mobilize anti-system voters, drawing in a slice of younger, male voters—typically more fluid and receptive to messages of rupture.
5) International signaling and investor confidence. Favorable market reactions and explicit political backing from foreign interlocutors reinforced the narrative of a country becoming investable again if it consolidates its reform path—offering some voters the idea of a “reward” for stability.
What changes now in Congress
The new balance gives Milei more negotiating leverage, but not self-sufficiency. With around one-third of the Chamber and a stronger position in the Senate, the government can defend its decrees and assemble variable majorities for “block” reforms: labor market, targeted welfare state, selective privatizations, fiscal federalism, and regulatory simplification. Observers expect a priority on consolidating ties with center-right partners and picking dossiers with potential consensus to avoid institutional stalemates. Meanwhile, the market signal—a rally in bonds and relief on the parallel exchange rate—offers a window to accelerate, provided governability materializes.
The unknowns
It remains to be seen how long social consent will hold amid prolonged sacrifices, and whether the opposition can reorganize under new leadership. Low turnout points to disaffection that could return to weigh heavily if the promised recovery is slow to translate into real wages and jobs. Within the governing camp, relations between the president’s inner circle and allies may also require a post-vote reset.