Budget Deadline 3 Days Away, Intense Confrontation Between Ruling and Opposition Parties... Subcommittee Outlook

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] With only three days left until the legal deadline for the review of next year's budget bill (December 2), the ruling and opposition parties are locked in an extreme standoff, making it uncertain whether the budget bill will be passed within the deadline. Accordingly, there is a forecast that the ruling and opposition parties will hold final negotiations through the unofficial body called the 'small subcommittee' starting as early as the 29th. However, if the parties fail to narrow their differences, there is also a possibility that even the small subcommittee will face disruption.

Lee Cheol-gyu, the ruling party's Budget and Accounts Special Committee secretary from the People Power Party, said in a phone call on the 29th, "The reduction review is practically over," expressing his intention to have discussions with the opposition regarding the small subcommittee.

Originally, the Budget and Accounts Special Committee planned to complete the reduction review by the 25th, proceed with the increase review, submit the budget bill to the full committee meeting on the 30th, and pass it at the plenary session on December 2. However, the reduction review was delayed as the ruling party opposed the opposition's unilateral reduction offensive against the 'Yoon Seok-yeol budget.' Additionally, sensitive budgets such as those for the Police Bureau and the Blue House relocation were put on hold, resulting in a rushed reduction review.

Accordingly, there is a forecast that starting as early as the 29th, the small subcommittee, consisting of secretaries, chairpersons, and floor leaders from both parties, will be activated to hold final negotiations related to increases and reductions. However, the calculation became more complicated after Lee Jae-myung, leader of the Democratic Party, hinted at the possibility of unilaterally passing a budget bill reduced under the Democratic Party's leadership without any increases the day before.

The ruling party is also raising its voice, demanding that the budgets for the Land, Infrastructure and Transport Committee and the Political Affairs Committee, which the Democratic Party passed unilaterally on the 24th, be "returned to the starting point," making it difficult to narrow the differences between the parties. Lee said, "What meaning does it have unless we start over from the beginning?" and criticized, "If they are going to push through based on their numerical superiority, why bother negotiating?"

As the confrontation between the ruling and opposition parties continues, the possibility of disruption in the small subcommittee cannot be ruled out, making it even more difficult to pass the budget bill within the deadline. In 2019, the small subcommittee also faced disruption due to disagreements between the parties over the composition method and the issue of keeping minutes.

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