Park Wanju Suggests 33 Trillion Supplementary Budget Will Inevitably Increase with Additional Plus Alpha

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] On the 20th, Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, hinted at the possibility of a net increase regarding the 33 trillion won scale of the 2nd supplementary budget bill under review at the National Assembly, stating, "It inevitably has to go with 33 trillion won plus alpha (α)."

At a press briefing held at the National Assembly that morning, Chair Park said, "If we do not touch the government proposal and say we will additionally increase support for small business owners and vaccine budgets, we have no choice but to consider a net increase. Otherwise, we must adjust 100% internally."

Regarding internal adjustments, he said, "If we reduce the credit card cashback of about 1.1 trillion won or cut the national bond repayment by 2 trillion won, a 'room' of up to 3.1 trillion won will emerge."

When reporters repeatedly asked, "Considering support for small business owners, shouldn't there be a net increase after all?" he replied, "It is not wrong to interpret it that way," adding, "If we do not cut and maintain the government proposal as it is while increasing the scale, it inevitably has to go with a net increase. I believe the government should also consider the direction of a net increase."

Regarding the nationwide disaster relief fund, he said, "The government's proposal to provide to the bottom 80% income bracket is not an absolute and unchangeable figure, which the fiscal authorities also know," adding, "It inevitably has to go with 80% plus alpha by roughly increasing it by about 3 to 4%."

He continued, "The decision on whether to provide to the entire population or '80% plus alpha' will be handled at the plenary session on the 23rd," and "The decision should be made between the 21st and 22nd."

Regarding Deputy Prime Minister for Economy Hong Nam-ki's continued opposition to nationwide payments, he said, "We have to acknowledge that they are people who want to carefully protect the limited taxpayers' money and execute it effectively," adding, "However, rather than each going their separate ways, I think a time will come to respect and negotiate."

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