Argentine President Javier Milei’s libertarian La Libertad Avanza party scored a sweeping victory in Sunday’s midterm elections, tripling its representation in Congress and strengthening Milei’s mandate for aggressive economic reforms amid U.S. financial backing and public anxiety over past crises.

With more than 90% of votes counted, La Libertad Avanza secured 40.84% of ballots for lower house seats, surpassing the Peronist opposition’s 31.64%, according to national electoral authorities. The result gives Milei’s party 101 seats in the 257-member Chamber of Deputies—up from 37—and 20 seats in the Senate, up from six. The gains provide Milei with veto-proof margins and protection against impeachment, key to advancing his tax and labor overhaul agenda.

Two years into his presidency following a surprise 2023 win fueled by anti-establishment sentiment, Milei hailed the outcome as a “turning point” from decades of Peronist-led economic instability. Addressing supporters in Buenos Aires, he pledged to “make Argentina great again,” celebrating a comeback in Buenos Aires province—a traditional Peronist stronghold where he had lost by 14 points just last month.

The midterm surge follows controversial austerity measures, including subsidy cuts that helped reduce inflation from 289% to 32%, but also pushed unemployment to 8%. Despite the pain, voters appeared to favor Milei’s “shock therapy” over a return to Peronist policies, with analysts citing a desire for “painful stability” amid 55% poverty rates.

The results also reinforce U.S. support. President Donald Trump’s administration has pledged up to $40 billion in aid, including a $20 billion currency swap already signed and a proposed debt facility contingent on Milei’s reform success. Trump, who previously warned of withdrawing support if Milei faltered, now views the Argentine leader as a model for his own “America First” economic strategy.

Still, Milei faces hurdles. Scandals involving his sister and advisor Karina Milei, along with public backlash over subsidy cuts, have tested his popularity. Peronist leader Cristina Fernández de Kirchner accused Milei of “buying votes with foreign cash,” while opposition parties retained a slim majority in the lower house, raising the prospect of legislative gridlock.