Ruling Party: "Aim to Pass Supplementary Budget on 14th" vs Opposition: "Impossible Without Expenditure Restructuring"

Ruling and Opposition Parties Likely to Meet Ministry of Economy and Finance to Receive Revised Proposal

Deputy Prime Minister for Economy Hong Nam-ki attended the plenary session of the Special Committee on Budget and Accounts held at the National Assembly on the 7th and gave a proposal explanation regarding the supplementary budget bill. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporters Oh Ju-yeon, Lee Hyun-joo] The ruling and opposition parties are at an impasse over the supplementary budget (Chugyeong) bill. The ruling party insists on passing it by the 14th, the day before the official presidential election campaign begins, but the opposition party says it is difficult to agree unless funding is secured through expenditure restructuring. The ruling and opposition parties plan to continue discussions on the supplementary budget bill with the Ministry of Economy and Finance on the morning of the 11th.

The Democratic Party of Korea is focusing more on passing the bill in the National Assembly on the 14th than on the size of the supplementary budget. The Democratic Party views the government's proposed 14 trillion won budget as grossly insufficient and has been continuously demanding an increase. However, since the official election campaign starts on the 15th, they consider meeting the deadline more important and are open to compromising on the size of the supplementary budget at a realistic level.

Han Byung-do, the Democratic Party's floor deputy leader, emphasized in a phone call, "We have no choice but to reach a conclusion and process it by the 14th in any way." However, he believes that the current government-proposed supplementary budget is insufficient to provide the "broad and sufficient" support repeatedly emphasized by presidential candidate Lee Jae-myung, making it difficult to accept the government proposal as is.

The deputy leader said, "It is hard to accept the government proposal as it is," and predicted, "Realistically, it will be decided somewhere between the government proposal and the scale suggested by the Democratic Party." He also forecasted that the 35 trillion won supplementary budget proposed by the Democratic Party might be difficult to realize from the government's standpoint. He said, "Not only the People Power Party's 50 trillion won supplementary budget but also the 35 trillion won supplementary budget will likely become difficult," adding, "We will focus on passing the supplementary budget on the 14th."

Deputy Prime Minister for Economy Hong Nam-ki is attending the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 4th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

The People Power Party opposed the supplementary budget, saying that the funds raised through deficit bond issuance cannot be used to prepare the supplementary budget. Kim Ki-hyun, the People Power Party floor leader, told reporters after a countermeasure meeting, "According to the Ministry of Economy and Finance's report until yesterday, they brought a plan that cannot restructure a single penny of existing expenditures," and criticized, "National debt is rapidly increasing, imposing a huge burden on future generations, but the Moon Jae-in administration at the end of its term is irresponsibly and complacently handling the supplementary budget by not restructuring expenditures at all and shifting responsibility to future generations, which is shameful before the people."

He also expressed reluctance toward the ruling party's proposal to pass the bill on the 14th. Ryu Seong-geol, the opposition party's budget and accounts special committee member, said at the meeting, "Unless there is a progressive change in the government's stance, I seriously worry that passing the supplementary budget on February 14th will be difficult," and urged, "Please promptly submit a plan reflecting the increased projects requested by the People Power Party through expenditure restructuring."

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