US Treasury Secretary Scott Bessent is facing increasing pressure to justify Washington’s multibillion-dollar financial aid to Argentina, as political opposition mounts over the Trump administration’s support for President Javier Milei,  the Financial Times (FT) reported on Wednesday. The US Treasury Secretary is leading efforts to stabilize Argentina’s economy and currency through an extensive rescue package that has drawn criticism across party lines.

According to FT, the package includes a $20 billion swap agreement with the Argentine central bank and ongoing talks with private banks to arrange an additional $20 billion loan. The US has also intervened in currency markets to bolster the Argentine peso.

In a post on X, Bessent defended the intervention, stating, “President Milei has worked hard to reverse previous irresponsible economic policies, including overspending, fiscal irresponsibility, and reckless borrowing. We do not want another failed state in Latin America, and a strong, stable Argentina as a good neighbor is explicitly in the strategic interest of the United States.”

.@POTUS @realDonaldTrump’s America First economic agenda has already provided over $2 trillion in tax cuts for middle class Americans, lower taxes and less red tape for small businesses, and the strength on the world stage to both counter our adversaries and support our allies.…

— Treasury Secretary Scott Bessent (@SecScottBessent) October 21, 2025

According to FT, the administration views Milei’s libertarian government as a key ally in Latin America. However, critics argue the Argentina bailout is politically motivated, especially with midterm elections scheduled in the country this Sunday.

Bipartisan criticism over $20 billion rescue package

The Argentina bailout controversy has triggered backlash within Trump’s own base. Prominent Republicans from agricultural states and members of the MAGA movement have questioned the scale and intent of the financial support.

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"I do think that the administration will have difficulty explaining how ‘Argentina first’ is ‘America first,’" said Brad Setser, a former US Treasury official. "They are a little too keen to provide support to Milei without insisting on the kind of significant policy changes that normally accompanies that support."

Representative Marjorie Taylor Greene wrote on X, "Tell me how it’s America First to bail out a foreign country with $20 or even $40 BILLION taxpayer dollars." She added that many Americans are struggling financially, making the foreign aid seem out of touch.

Criticism intensified after reports that China is shifting soybean imports from the US to Argentina due to ongoing trade tensions. US farmers were further alarmed when Trump expressed support for importing Argentine beef, calling the South American nation "a country fighting for its life."

“That really went down like a lead balloon,” Don Bacon, a Republican congressman from Nebraska said. "This is what happens when you have a president that bases policy on personalities. He obviously likes the leader of Argentina, so he’s bending over backwards for him."

Senator Deb Fischer also voiced concern, saying she contacted the White House over the impact of Argentine beef imports on US agriculture. "I strongly encourage the Trump administration to focus on trade deals that benefit our ag producers, not imports that will do more harm than good," she said.

Democrats accuse Trump of election interference

Democrats on Capitol Hill have also criticized the rescue plan, accusing the administration of using US financial aid to Argentina as leverage in foreign elections, according to the report, adding that Representative Linda Sánchez and a group of House Democrats wrote to Bessent, warning against tying US support to Argentina’s electoral outcomes.

"The US Treasury’s authorities to address international financial crises, which are meant for situations that present a genuine US national interest, should not be used to influence elections abroad," the letter stated.

Despite the criticism, some experts argue that the administration’s strategy is grounded in long-term interests. Michael Strain of the American Enterprise Institute defended the move, stating, "President Milei is trying to do some difficult things, and those things are consistent with a traditionally American approach to free enterprise. And especially when you factor in the administration’s desire to strengthen American leadership in our hemisphere, it doesn’t seem unreasonable to me that we would help the Milei government."

According to FT, the Trump administration remains firm in its support for Buenos Aires, underscoring the importance it places on Argentina as a strategic partner in the region.