The Transition Committee: "The Supplementary Budget Bill Will Be Submitted to the National Assembly After the Inauguration of the Yoon Seok-yeol Government"

"The Supplementary Budget Size and Details Are Entirely Decided by the Transition Team"

[Image source=Yonhap News]

The Presidential Transition Committee stated on the 31st regarding the supplementary budget (supplementary budget) preparation, "The work will be done by the transition committee and submitted to the National Assembly after the inauguration of the Yoon Suk-yeol administration."

On the afternoon of the same day, Choo Kyung-ho, the planning and coordination subcommittee secretary of the transition committee, held a briefing at the transition committee office in Tongui-dong, Jongno-gu, Seoul, and said, "The direction, content, scale, and submission timing of the supplementary budget work will be entirely decided and carried out by the Yoon Suk-yeol administration."

This changes the previous policy that the current government could be requested to prepare the supplementary budget.

Secretary Choo explained, "To conclude broadly, the supplementary budget will be worked on by the transition committee, and the transition committee will take the lead," adding, "It is not a matter of whether it happens only if the decision-maker of the current government cooperates or not."

He continued, "If the current government were to work on it and submit it to the National Assembly, naturally we would request the current government and operate under its jurisdiction, but ultimately, it was decided to submit the supplementary budget to the National Assembly under the name of the Yoon Suk-yeol administration," adding, "Practical support will be received from the financial authorities."

He explained that the scale of the supplementary budget and the funding methods have not yet been decided.

Secretary Choo said, "It would be good if I could talk about the scale of the supplementary budget, funding methods, and specific project details, but about a month of work is needed," adding, "Since the impact on the financial market and fiscal soundness are interrelated, the practical work of preparation will be done with sufficient review."

Regarding concerns that support might be delayed if the supplementary budget is submitted after President-elect Yoon's inauguration, he explained, "The duration of the National Assembly's deliberation is also important, but since the Democratic Party of Korea is broadly aligned in the same direction, it will be executed to the public as quickly as possible."

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