On the Final Day of the Budget Committee Review... The Subcommittee's Intent Remains Unclear

Opposition Party Requests Extension of Review Deadline

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The Special Committee on Budget and Accounts, which is reviewing next year's budget proposal, will conclude on the 30th without properly completing the review of major budget increases and cuts.

As the ruling and opposition parties clash over budget increases and cuts, according to the People Power Party, it has become uncertain whether the Budget Subcommittee meeting scheduled for the afternoon will be held.

If the ruling and opposition parties fail to reach an agreement on the budget proposal by the 30th, the government’s proposal will be automatically submitted to the plenary session on the 2nd of next month. The opposition party has stated that if the government proposal is automatically submitted, they may reject it and submit a revised proposal prepared solely by themselves for approval.

However, since the opposition party has requested an extension of the budget review period from the ruling party and the Speaker of the National Assembly, the possibility of a last-minute agreement cannot be ruled out. Park Hong-geun, floor leader of the Democratic Party of Korea, said to reporters the day before, "We have asked the Speaker of the National Assembly and Joo Ho-young, floor leader of the People Power Party, to consider extending the budget review period." According to the National Assembly Act, the budget review period can be extended with the agreement of the floor leaders of both parties.

If this happens, although the legal deadline (December 2) will be exceeded, it may still be possible to process the budget proposal by the closing date of the regular session (December 9). On the same day, Lee Yong-ho, a People Power Party member of the Budget Committee, said on KBS Radio's "Choi Kyung-young's Strong Current Affairs," "I believe the ruling and opposition leadership can formally reach an agreement at the subcommittee stage at the last moment. It should be possible by the 9th."

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