Mun "Sincerely Reviewing Alternatives to Eliminate Blind Spots" Indicates Supplementary Budget Increase

Ruling and Opposition Parties Begin Discussions on 40 Trillion Won Supplementary Budget Increase Agreed in Standing Committee

[Asia Economy Reporter Hyunju Lee] President Moon Jae-in stated on the 8th regarding the supplementary budget bill under discussion in the National Assembly, "The government will sincerely review any reasonable alternatives that emerge during the National Assembly's deliberation process to address blind spots." Following Prime Minister Kim Boo-kyum's remark the previous day that "If the National Assembly reaches a consensus, the government will do its best to come up with reasonable measures" regarding the increase in the supplementary budget, President Moon also emphasized the possibility of an increase. On the same day, the ruling and opposition parties began full-scale discussions on the approximately 40 trillion won increase in the supplementary budget agreed upon in the standing committee.

[Image source=Yonhap News]

In his opening remarks at the Blue House Cabinet meeting that day, President Moon said, "Support for small business owners and self-employed individuals cannot be delayed even for a moment. To alleviate their difficulties as much as possible, we submitted an unprecedented supplementary budget bill in January to the National Assembly," emphasizing this point.

In particular, the phrase "reasonable alternatives to address blind spots" is interpreted as practically suggesting the possibility of an increase. Previously, the ruling and opposition parties had agreed to include vulnerable groups in blind spots, such as corporate taxi drivers and non-subsidized bus drivers, as beneficiaries of the supplementary budget support.

The chief floor leaders of both parties will engage in full-scale negotiations over the supplementary budget bill. The previous day, the National Assembly's Industry, Trade, Small and Medium Enterprises, and Venture Businesses Committee and the Health and Welfare Committee approved a supplementary budget bill of about 40 trillion won. The government's supplementary budget bill submitted to the National Assembly on the 24th of last month, originally 14 trillion won, has nearly quadrupled to about 54 trillion won. Yoon Ho-jung, the floor leader of the Democratic Party of Korea, said at the policy coordination meeting that "The Industry, Trade, Small and Medium Enterprises, and Venture Businesses Committee significantly increased the quarantine support funds," adding, "A preliminary review was also conducted to include medium-sized cafes and others as compensation targets." He continued, "We also agreed on a supplementary opinion to block blind spots for special-type workers such as corporate taxi drivers, charter bus drivers, non-subsidized route bus drivers, and performance business operators and to provide maximum support."

However, difficulties are expected regarding securing the funds for the increased budget. Kim Ki-hyun, the floor leader of the People Power Party, told reporters on the same day, "It is an irresponsible measure to want to spend immediately without touching any existing budget," pointing out, "We need to look at the matter on the premise of making self-help efforts through restructuring the existing expenditure budget and then deciding how much national debt issuance will be made for the remaining part." Ryu Seong-gil, the opposition party's secretary of the National Assembly's Strategy and Finance Committee, also said, "Strategic expenditure restructuring is necessary," and "Fiscal distancing should be practiced by adjusting funds that are not yet urgent to secure resources."

This supplementary budget bill is expected to be passed as early as the 14th. Since the official election period begins on the 15th, it will be practically difficult for both ruling and opposition parties to conduct related discussions in the National Assembly.

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