'Budget Bill D-Day' on the Day... Ruling and Opposition Parties Continue 'Blame Game'

Joo Ho-young "Isn't This Election Refusal?"
Park Hong-geun "Watching Like a Bystander Across the River"

Speaker of the National Assembly Kim Jin-pyo is taking a commemorative photo with the floor leaders of the ruling and opposition parties during a meeting for next year's budget negotiations held at the Speaker's office on the 15th. From the left, Park Hong-geun, floor leader of the Democratic Party of Korea, Speaker Kim, and Joo Ho-young, floor leader of the People Power Party. (Photo by Yonhap News)

[Asia Economy Reporters Bomryeong Geum, Hyunji Kwon] On the 15th, the deadline set by National Assembly Speaker Kim Jin-pyo for the passage of next year's budget bill, the ruling and opposition parties are still engaged in a blame game, continuing on parallel tracks. The floor leaders of both parties plan to enter final negotiations, but even that is expected to be difficult. The Democratic Party of Korea reiterated its intention to pass a revised bill in the plenary session unilaterally if the agreement ultimately fails.

Jung Jin-seok, Emergency Committee Chairman of the People Power Party, stated at the emergency committee meeting held at the National Assembly that morning, “The opposition party rushing through their own revised budget bill is an atrocity that destroys the separation of powers established by the Constitution,” adding, “This is an unprecedented act of opposition party’s parliamentary dictatorship since the establishment of the Republic of Korea government.”

The ruling and opposition parties have yet to narrow their differences over the biggest issue, the “corporate tax cut.” Chairman Jung explained, “Lowering corporate tax increases the international competitiveness of companies and creates jobs for our children. This is a story found in economics textbooks,” and added, “Even Speaker Kim, who is from the Democratic Party, expressed concerns that if the current corporate tax is maintained, Samsung Electronics will lose competitiveness to TSMC.”

Joo Ho-young, floor leader of the People Power Party, also criticized the Democratic Party. Leader Joo said, “Since September 1, the Democratic Party has threatened to unilaterally pass only their own revised budget, which excludes any budget agreed upon and organized through standing committees and the budget committee,” and pointed out, “The Democratic Party is going too far. Isn't this exactly rejecting the presidential election results and shaking the government?”

The Democratic Party also targeted the ruling party, saying “we have made every effort so far.” Park Hong-geun, floor leader of the Democratic Party, said at the policy coordination meeting, “Despite the Democratic Party’s desperate requests, President Yoon Seok-yeol and the People Power Party are acting as if it does not matter if the budget bill is not passed immediately, saying the opposition party is the one who is disappointed, and are ultimately watching from across the river,” criticizing, “It is utterly disheartening to see the Yoon Seok-yeol administration’s irresponsible attitude that neglects the lives of the majority of the people to protect a tiny minority of 'super ultra-rich.'”

Speaker Kim called the floor leaders of both parties that morning to start final negotiations. Regarding this, Leader Park said, “Since this is the last mediation opportunity, I will devote myself fully,” but emphasized, “However, if the government and ruling party persist in their existing positions without concessions despite such efforts, the Democratic Party will have no choice but to propose its own revised bill before the plenary session convenes today.” If both the government’s original bill and the Democratic Party’s revised budget bill are submitted to the plenary session, the Democratic Party’s 'unilateral revised bill,' which holds a majority of seats, is likely to pass.

Whether an agreement will be reached without any “concessions” from either side remains uncertain. Leader Joo said at a meeting with reporters before the ruling-opposition meeting that morning, “It is not going well,” referring to the budget negotiations. When asked if he thought there would be no results after the morning meeting, he nodded. The People Power Party has issued an emergency standby order in preparation for the opposition party’s unilateral passage.

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