"Final Ultimatum for 'Budget Approval Tomorrow,' Kim Jin-pyo's Bold Move... Pressure on Yongsan"

Park Hong-geun "A shocking situation where we have to see if the budget crosses the threshold of the President's Office"
Joo Ho-young "Democratic Party, as the majority party, stop obstructing and help"
Kim Jin-pyo Chairman's side "Issuing a final deadline notice is an effort to reach an agreement"

[Asia Economy reporters Naju-seok, Geum Bo-ryeong, Park Jun-i] Speaker of the National Assembly Kim Jin-pyo issued a final ultimatum on the 23rd to hold a plenary session for the passage of next year's budget bill. Amid strong public criticism over the delayed budget approval, this move is interpreted as effectively pressuring the Presidential Office to make a decision.

The opposition party on the 22nd urged the Presidential Office to make a decision regarding next year's budget and pressured that if no agreement is reached, they would at least pass the Democratic Party's revised bill. Meanwhile, the ruling party, emphasizing that this is the first budget after the regime change, insisted on concessions from the opposition, continuing a tense tug-of-war. However, since it is known that the points of contention between the ruling and opposition parties have significantly narrowed, the possibility of a dramatic resolution remains open.

Park Hong-geun, floor leader of the Democratic Party of Korea, is attending the party strategy meeting held at the National Assembly on the 22nd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

Park Hong-geun, floor leader of the Democratic Party, said at a policy coordination meeting held at the National Assembly that day, "We are still in the frustrating situation where we have to watch whether the budget bill will pass not the threshold of the plenary session but the threshold of the Yongsan Presidential Office," criticizing, "The ruling party now openly admits it is merely a messenger party, waiting only for the president's permission." He pointed to the Presidential Office as the final obstacle in the budget negotiations.

A Democratic Party official familiar with the negotiation situation also said, "The Speaker setting the plenary session schedule is to pressure the Presidential Office," adding, "Discussions among floor leaders have ended, but Yongsan (referring to the Presidential Office) is still blocking it." The official conveyed, "Much agreement has been reached between the ruling and opposition parties, but the remaining issue is persuading the Presidential Office."

In fact, when Speaker Kim gave the final notice of the budget bill deadline the day before, it is known that the ruling and opposition leaderships had not received prior notification. Floor leader Park said in a meeting with reporters immediately after the plenary session schedule was announced the day before, "There was no discussion." The Democratic Party appeared not to have coordinated with the Speaker's office in advance, as they announced plans to hold an on-site supreme council meeting in Gangwon Province on the 23rd, the day of the plenary session.

Summarizing statements from the ruling and opposition leaderships, opinions on next year's budget bill have largely converged. It is openly said in political circles that while there is considerable consensus between the ruling and opposition parties, the Presidential Office has not yet given final approval. Joo Ho-young, floor leader of the People Power Party, confirmed that the points of contention have narrowed. At the People Power Party emergency committee meeting that day, Joo said, "Only two or three issues remain," adding, "They have not been resolved for several days." Although no agreement has been reached between the ruling and opposition parties, this confirms that differences have significantly narrowed.

Earlier, Joo told reporters, "The government not only has the authority to draft the budget but also has veto power over increases," adding, "The budget cannot be unilaterally submitted without government consent. The budget must be discussed and consulted with the government." It is natural for the government, i.e., the Presidential Office, to express its position on the budget bill.

Speaker of the National Assembly Kim Jin-pyo is greeting Joo Ho-young, floor leader of the People Power Party, and Park Hong-geun, floor leader of the Democratic Party of Korea, at the Baekbong Gentleman Award ceremony held at the National Assembly on the 21st. Photo by Yoon Dong-joo doso7@

Democrats: "If no ruling-opposition agreement on budget, revised bill to be passed tomorrow"

The Democratic Party stated that if no agreement is reached, they will pass at least the Democratic Party's revised bill reflecting only cuts to the government's original proposal tomorrow. Oh Young-hwan, Democratic Party floor spokesperson, told reporters after the meeting, "If there is no change in the government and ruling party's position today, the budget will likely be passed tomorrow," adding, "Not passing it tomorrow because of no change in position is not an option; it will definitely be passed tomorrow. Tomorrow is effectively the day to put an end to the budget process."

Speaker Kim argued that since a global complex economic crisis is forecast for next year, the budget bill must be promptly passed to protect the struggling economy. In a statement on the 9th, he expressed concern, saying, "If the delay in the budget bill agreement causes the international community to strongly doubt South Korea's crisis management capability, it could lead to a new crisis in the Korean economy, such as the withdrawal of international financial capital." He urged political decision-making to prevent politics itself from becoming the cause of the crisis.

So far, Speaker Kim had set the legal deadline for budget approval as the 2nd, the end of the regular session on the 9th, the 15th, and the 19th. He has persuaded the ruling and opposition parties by delivering mediation proposals both publicly and privately. Kim, who is both a former Ministry of Strategy and Finance official and from the opposition party, has issued two apologies to the public. A National Assembly official told this outlet, "The final deadline notice is an effort to reach an agreement," adding, "We are waiting for a wise decision to reach a settlement." Another official explained, "Speaker Kim set this plenary session as the last effort to pass next year's budget bill."

Meanwhile, the ruling and opposition parties increased pressure by urging each other to make concessions. Floor leader Joo said, "We will try to narrow opinions as much as possible aiming for passage tomorrow (the 23rd), but I once again ask the Democratic Party not to hold back with the power of the majority seats but to help so that the new government can work properly in its first year." Floor leader Park said, "While saying next year's economy will be the worst, budget approval is being neglected," adding, "If the government and ruling party are responsible, shouldn't they take the lead in persuading the budget approval to overcome the unprecedented economic cold wave?"

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