Kim Jae-won: "I Never Said to Issue National Bonds to Give Money... The Ruling Party Should Quickly Pass the Government Supplementary Budget"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] Kim Jae-won, chairman of the National Assembly Budget and Accounts Special Committee from the United Future Party, drew a clear line on the 21st regarding criticism that he reversed his original claim to provide emergency disaster relief funds to all citizens, stating, "I never said we should issue government bonds to give out money."

Chairman Kim held a press conference at the National Assembly Communication Office in the afternoon and said, "We must promptly pass the government's supplementary budget proposal to support up to 1 million won for households in the bottom 70% income bracket."

When asked about the official party stance, he responded, "I am the Budget Committee chairman," drawing a clear line. Previously, former United Future Party leader Hwang Kyo-ahn had advocated during the election campaign for providing emergency disaster relief funds to all citizens.

Chairman Kim emphasized, "It is true that there was talk about 100% support, but it was based on the premise of restructuring the 512 trillion won budget to secure 100 trillion won in resources. There was no talk of issuing government bonds to give out money as is done now. It is a lie to say that we advocated this together."

He claimed that the delay in providing emergency disaster relief funds is due to disagreements between the government and the ruling party. The government has currently submitted a supplementary budget proposal worth 7.6 trillion won to the National Assembly. Of the expenditure budget, 3.6 trillion won was secured by adjusting budgets for public servant salaries, oil price reductions, defense expenses, social overhead capital (SOC) projects, and official development assistance (ODA) projects. Additionally, 2.8 trillion won was reallocated from the foreign exchange stabilization bond fund, and 1.2 trillion won from surplus fund reserves to the general account. The gist is to support households in the bottom 70% income bracket with up to 1 million won.

Chairman Kim said, "At the time of the first supplementary budget formation, the government budget was prepared by thoroughly using even contingency funds, so the actual fiscal situation of the government is extremely deteriorated. The Democratic Party has already confirmed this, and considering the fiscal exhaustion of the Moon Jae-in administration, this budget was prepared and submitted to the National Assembly." He supported the government proposal, adding, "The supplementary budget submitted by the Moon administration is the maximum our finances can bear, and the government has reasonably prepared the budget."

He urged, "If the ruling and opposition parties quickly set the National Assembly schedule and complete the review in the standing committees, the Budget Committee will process the government proposal as swiftly as possible. The Democratic Party should take the lead in passing the Moon administration’s supplementary budget proposal in the National Assembly as soon as possible."

Chairman Kim further criticized, "I cannot understand the unreasonable claims such as disputing the budget formation by proposing to issue more government bonds to give 1 million won even to the top 30% income group, that is, the affluent class, or threatening Hong Nam-ki, the Deputy Prime Minister and Minister of Economy and Finance, who is merely a messenger, to engage in political acts."

He said, "If you have something to say, say it to President Moon. If the ruling party truly thinks there is a problem with the supplementary budget, they should renegotiate with President Moon or instruct Deputy Prime Minister Hong to create a revised budget. I hope they stop making unnecessary claims so that the supplementary budget can be processed as soon as possible."

This content was produced with the assistance of AI translation services.