The economy has nosedived during De la Rua's two years in office. His government has tried to fix the economy with nine different economic plans and has faced eight general strikes.
Until Tuesday, Cavallo had been working on pushing a belt-tightening 2002 budget through Congress and staving off a default on Argentina's staggering debt.
Agreement on the budget is seen as key in persuading the IMF to release US$1.3 billion of emergency funds needed to keep up payments on Argentina's debt.
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