Ruling and Opposition Parties Begin Review of 2nd Supplementary Budget for 'Disaster Relief Fund'... Timing of Approval in Focus

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] The National Assembly's review for the approval of the second supplementary budget (supplementary budget) to provide emergency disaster relief funds officially began on the 27th. This followed an agreement between the ruling and opposition parties the previous day to secure the additional 1 trillion won budget not through bond issuance but by adjusting expenditures.

However, questions remain as to whether the supplementary budget will be processed swiftly. The Democratic Party plans to complete the review quickly and pass the supplementary budget in the plenary session on the 29th, aiming to distribute the disaster relief funds next month. Meanwhile, the United Future Party has announced a 'microscopic review,' making a fierce debate inevitable.

From the 27th, the ruling and opposition parties will convene 13 standing committees related to the second supplementary budget, including the Legislation and Judiciary Committee, the Political Affairs Committee, and the Defense Committee, to submit and discuss the supplementary budget. The committee review is taking place following the agreement reached the previous day to secure the additional 1 trillion won budget through expenditure adjustments instead of bond issuance.

Until now, the ruling and opposition parties have been engaged in a tense standoff over how to secure funding for the emergency disaster relief funds. Initially, the government set the budget at 9.7 trillion won, including 2.1 trillion won in local government funds, based on payments to the bottom 70% income bracket, and submitted a 7.6 trillion won second supplementary budget to the National Assembly. However, as the ruling party and government expanded the payment target to the entire population, the required budget increased to 14.3 trillion won.

The ruling party and government announced that of the additional 4.6 trillion won needed, 3.6 trillion won would be covered by bond issuance and 1 trillion won by local government funds. However, the United Future Party criticized the additional bond issuance, saying, "Are they about to throw a debt party?" and demanded expenditure budget adjustments. After several days of tug-of-war, the ruling and opposition parties reached a compromise the previous day to secure the 1 trillion won local government share through expenditure adjustments.

[Image source=Yonhap News]

However, whether the funds can be distributed next month remains uncertain. The Democratic Party hopes to pass the supplementary budget in the plenary session on the 29th, but since the United Future Party plans to closely scrutinize how the expenditure adjustments are made, it is unclear whether the supplementary budget will be completed within this month as the Democratic Party aims.

Regarding this, Democratic Party leader Lee Hae-chan said at the Supreme Council meeting held at the National Assembly on the same day, "No matter what happens, the supplementary budget must pass this week and payments must begin in early May," adding, "If this support fund is delayed, the people's suffering will increase and its effectiveness will diminish, so it is urgent."

Democratic Party floor leader Lee In-young also urged the National Assembly, "I hope the United Future Party will boldly and generously engage in the review of the supplementary budget and speed up the process." He continued, "I hope the budget can be processed by the 29th, before the start of the extended holiday on the 30th," and said, "The Democratic Party will do its best to cooperate closely with the opposition for swift budget processing and the passage of livelihood bills."

United Future Party acting leader and floor leader Shim Jae-cheol said in a meeting with reporters in the morning, "We will engage in the review to ensure prompt processing," but added, "We need to know exactly how and where the funds are being created to properly engage in the review. We will handle those parts accurately."

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