Democrats keep claiming that Trump “gave away” $40 billion to Argentina, and many people are understandably upset. How, they ask, could the United States hand over money to a foreign country?
The problem is simple: the claim isn’t true. The U.S. didn’t give Argentina money. It entered into a currency swap – and the U.S. has actually earned a profit on the transaction.
Senate Minority Leader Chuck Schumer (D-NY) insists that “the administration is giving this money away to help Argentina’s hard-right president.” He argues, “If this administration has $20 billion to spare for a MAGA-friendly foreign government, how can they say we don’t have the money to lower health-care costs here at home?” Congressman Ro Khanna similarly warned, “It’s shameful that we gave $40 billion to Argentina instead of spending $9 billion to feed American families.”
Other Democrats, such as Senators Amy Klobuchar (D-MN) and Elizabeth Warren (D-MA), describe the transaction as Trump “sending” money to Argentina and even call it a “bailout.” Fifty-four Democratic House members lodged the same complaint.
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