Kim Jin-pyo Scolds Ruling and Opposition Parties Over Budget Tug-of-War: "Issue That Should Have Been Resolved on the 2nd Dragged Out"

"Minor Differences in Ruling and Opposition Budget Disputes... Must Pass on the 19th"
"Politicians Should Have at Least a Conscience"

Park Hong-geun: "We Must Reach a Final Deal Even Through Tough Negotiations"
Joo Ho-young: "Democratic Party Should Support Yoon Government to Work According to Its Principles After Regime Change"

[Asia Economy Reporter Oh Ju-yeon] On the 16th, Speaker of the National Assembly Kim Jin-pyo strongly criticized the ruling and opposition parties' budget negotiations, which have been at a standstill without progress, saying, "The budget, which should have been processed by the 2nd, has been dragged out until today, the 16th," and added, "Politicians should have at least some conscience."

[Image source=Yonhap News]

That afternoon, at a meeting presided over by Speaker Kim between Joo Ho-young, floor leader of the People Power Party, and Park Hong-geun, floor leader of the Democratic Party of Korea, he said, "Yesterday, I presented a final mediation proposal and expected the floor leaders of both parties to come up with a negotiated agreement today. But today again, a comprehensive agreement was not reached, which is very concerning."

Speaker Kim stated, "Our economy is, in short, in a complex economic crisis, and the only means to revive this economy is 'fiscal policy,'" and rebuked the floor leaders of both parties, saying, "This is the only way to overcome the economic crisis, but when will it be executed?"

He added, "After reviewing the issues raised, there is not such a big difference between the ruling and opposition parties," and urged, "I ask that the ruling and opposition parties reach an agreement and announce it even today."

Regarding the mediation proposal he put forward, he said, "Since there has been no agreement, it is merely a proposal I put forth. I am not attached to the mediation proposal I presented," and emphasized, "Even if it takes through the weekend, it must be passed by Monday (the 19th) at the latest." The previous day, Speaker Kim had presented a mediation proposal at a meeting of the floor leaders that included a 1 percentage point reduction in the top corporate tax rate.

Speaker Kim said, "The longer the budget processing is delayed, the more the people suffer, especially the vulnerable groups," and requested, "Please announce a broad agreement today, and discuss the details so that the budget can be agreed upon and processed by Monday through a special resolution."

[Image source=Yonhap News]

Park Hong-geun, floor leader of the Democratic Party, said, "The Democratic Party has made concessions and more concessions on the principles of budget processing, and I honestly say there is nothing more to concede," adding, "Taking the final step forward is the responsibility of the ruling People Power Party." He criticized, "If the Democratic Party, which has nothing more to concede beyond the Speaker's final mediation proposal, is asked for additional conditions, it can only be seen as an intentional obstruction of the budget agreement by the People Power Party."

He continued, "Since the Speaker has again requested a ruling-opposition agreement today, I hope that a final negotiation will be held to reach a definite settlement."

Joo Ho-young, floor leader of the People Power Party, said, "I apologize to the people for failing to reach an agreement on next year's budget despite exceeding the legal deadline and the regular session," and added, "It is also a matter of concern that the Speaker's four mediation attempts have not produced results." He then earnestly requested the Democratic Party, saying, "I ask that the government be allowed to swiftly execute fiscal operations according to the government's plan in this moment of crisis."

He said, "The Democratic Party has many seats, so there are opinions and review rights, but in times of crisis, I hope you will make some concessions and help the government form a team to act decisively and on time," and added, "Regarding corporate tax, it is a matter of life and death because overseas direct investment is shrinking."

He continued, "Although the Speaker presented a mediation proposal, it is difficult to accept it outright because it is hard to compete with Taiwan's 20% and Singapore's 17% top corporate tax rates," and said, "I hope we can compromise step by step to prevent further public concern and avoid disrupting the local council budget schedule, even today. However, I earnestly ask that since the regime has changed, the Democratic Party help the Yoon Seok-yeol administration work according to its convictions in its first year."

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