Supplementary Budget Review Faces Difficulties... Ruling Party "Let's Reduce Blind Spots" vs Opposition "Cut All Short-Term Jobs"

Budget Committee Begins Comprehensive Policy Inquiry
Review of Project Budget Increases and Decreases on 22-23

Democratic Party: "Conduct Thorough Review to Avoid Blind Spots"
People Power Party: "Need Structural Adjustment of Main Budget Expenditures"

Hong Nam-ki, Deputy Prime Minister for Economic Affairs, attended the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 18th and presented the first supplementary budget proposal. Photo by Dongju Yoon doso7@

[Asia Economy Reporter Lee Hyun-joo] As the supplementary budget (supplementary budget) for the payment of the 4th disaster relief fund has increased by more than 3 trillion won through the National Assembly standing committee, the opposition party has announced a thorough review, making it difficult to pass.

On the 18th, the National Assembly Budget and Accounts Special Committee will conduct comprehensive policy questioning on the supplementary budget bill. On the 22nd and 23rd, a subcommittee will be held to review increases and decreases in each project.

Among the 10 standing committees to which the supplementary budget bill was submitted, the total amount of increases and decreases in the supplementary budget bills of the 7 committees that have completed preliminary review so far amounts to about 3.3 trillion won. The Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee approved an increase of 1.6296 trillion won in the supplementary budget bill by reflecting a plan to provide a universal support fund of 1 million won per household to farmers, fishermen, and forestry workers. The Health and Welfare Committee significantly increased the budget for quarantine-related projects, including 420.7 billion won for COVID-19 vaccination and 304.2 billion won for infection control allowances for medical personnel, increasing the total by 1.0625 trillion won.

Even if some cuts are made during the Budget and Accounts Committee review, the final support scale is expected to increase from the government proposal of 19.5 trillion won to over 20 trillion won. The Democratic Party of Korea's position is to "review carefully but reduce blind spots," so the total amount may increase further.

The People Power Party announced detailed supplementary budget adjustment plans on the same day. First, instead of issuing 10 trillion won in deficit bonds reflected in the government supplementary budget proposal, they plan to secure funds through expenditure restructuring in this year's main budget. Since 7.6 trillion won of the second supplementary budget bill prepared in early April last year was secured through expenditure restructuring submission, they believe it is possible this time as well. They also announced plans to cut the entire 2.1 trillion won budget for short-term part-time job projects, judging that most of the allocated jobs have a working period of only 5 to 6 months and are ineffective. Meanwhile, emergency damage support funds (1 million to 5 million won) for self-employed and small business owners will be significantly expanded, and the amount for the travel industry will be raised from 2 million to 5 million won. People Power Party lawmaker Chu Kyung-ho said, "We will do our best to block bond issuance and actively resolve damage blind spots."

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