Ruling and Opposition Parties Continue 2+2 Negotiations... "Grand Cooperation" vs "Not Suitable for the Era of Tax Cuts for the Wealthy"

[Image source=Yonhap News]

[Asia Economy reporters Lee Ji-eun and Geum Bo-ryeong] The ruling and opposition parties continued their second day of discussions on the next year's budget bill, which has passed the legal deadline (December 2), by holding a '2+2 consultative body' meeting on the 5th, attended by the policy chiefs and budget committee secretaries of both parties. The ruling party requested the opposition's "magnanimous cooperation," but the opposition firmly opposed, stating that they could not approve the budget bill containing the wealthy tax cuts as is.

Seong Il-jong, policy chief of the People Power Party, said before the 2+2 consultative body discussion, "the budget is currently in a 'clock zero (0)' state where we cannot foresee even an inch ahead," and "there is little time left for the ruling and opposition parties to negotiate and finalize it together. We ask the Democratic Party for magnanimous cooperation."

He added, "This is the first budget drafted and executed by the Yoon Seok-yeol administration this year, but can the country be managed with a budget prepared by the Democratic Party?" and emphasized, "Please decide to allow the party responsible to draft the budget. This is the beautiful aspect of responsible politics."

In response, Kim Seong-hwan, policy chief of the Democratic Party, said, "I agree with responsible politics," but countered, "People Power Party floor leader Joo Ho-young said he would link the fate of Minister of the Interior and Safety Lee Sang-min with the budget bill, but if we are to practice responsible politics, shouldn't the budget bill be handled separately from the minister's fate?"

He also stated, "At this time, the ruling party is pushing for ultra-wealthy tax cuts and drastically reducing the so-called livelihood budget that should rightfully be allocated. Asking us to approve this budget as is just because you have the right to draft it does not fit the trend of this era," and added, "We will take more responsible actions in the National Assembly regarding the parts where various livelihood budgets are not being properly addressed."

The budget committee secretaries also continued their tense exchanges. Lee Cheol-gyu, the ruling party secretary and People Power Party lawmaker, pointed out, "Young people have a strong desire to own their own homes, and if the budget allocated to supply affordable cost-price housing to youth is cut during the National Assembly review process, many will miss out, crushing the dreams and hopes of young people." In response, Park Jeong, opposition secretary and Democratic Party lawmaker, countered, "Public rental housing is also needed for youth who do not even have enough assets to purchase sale housing and are in more disadvantaged environments."

Furthermore, when Lee said, "The minimum budget to equip the Blue House with facilities accessible to the public and to create programs to return to the people is currently on hold," Park responded, "Issues related to the Blue House relocation are also a kind of political budget."

After opening remarks from both sides, they proceeded to hold a closed-door consultation. The unresolved issues from this consultative body are expected to be finally decided during the floor leaders' negotiations on the 6th.

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