Ruling Party Exposes Ministry of Economy and Finance's Mistake, Pressures Opposition to Accelerate Budget Negotiations

Yun Hojung, Democratic Party Floor Leader, "If More Time Is Wasted, Yoon's Pledges Will Be Doubted"

[Asia Economy Reporter Oh Ju-yeon] The ruling party, having succeeded in pressuring the financial authorities to push forward the nationwide support fund payment, is now targeting the opposition party and accelerating budget negotiations.

On the morning of the 17th, Yoon Ho-jung, floor leader of the Democratic Party of Korea, urged the opposition during the general headquarters meeting chaired by the standing election committee co-chair, saying, "There are only two weeks left in the budget session," and "Let's quickly start discussions on Lee Jae-myung's 25 trillion won and Yoon Seok-yeol's 50 trillion won proposals."

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, is delivering opening remarks at the General Headquarters Chiefs Meeting chaired by the Standing Election Committee Chairperson held at the National Assembly on the 17th. Photo by Yoon Dong-ju doso7@

Yoon also said, "(The Democratic Party) has prepared possible funding plans and completed preparations for the three major packages including the daily recovery support fund, local currency budget, and expanded compensation for small business losses, and is waiting for discussions (with the opposition)." He pressured, "If more time is wasted, the public will doubt the sincerity of Yoon Seok-yeol's 50 trillion won payment pledge itself." He added, "The opposition floor leader should stop interfering and come to the negotiation table with alternatives even today. We cannot wait long."

There were no pressure remarks directed at the Ministry of Economy and Finance on this day. It is practically seen that the obstacle of the financial authorities regarding the payment of the 'nationwide daily recovery support fund' has been removed. Since the Ministry of Economy and Finance has already acknowledged the fiscal forecast error, there is no need to argue about right or wrong anymore. The ruling party intends to quickly resolve the potential party-government conflict that could lead to public opinion deterioration and move on to full-scale budget discussions.

The Democratic Party is strongly determined to pass the three major packages, which are Lee Jae-myung’s budget proposals, in this National Assembly session. The candidate’s 'nationwide disaster support fund' is planned to be paid as a daily recovery support fund in January next year.

Senior spokesperson Ko Yong-jin told reporters after the meeting, "Although there is a 19 trillion won surplus tax revenue, it must also be used for loss compensation, etc.," and said, "We will analyze the required budget for paying 200,000 won per person and 250,000 won per person and decide accordingly." To fulfill the candidate’s pledge of '1 million won per person,' an additional approximately 500,000 won must be paid excluding the 490,000 won already paid, but considering fiscal issues, they plan to adjust within this range.

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