Choo Kyung-ho on Opposition's 35 Trillion Won Supplementary Budget Proposal: "How Do They Expect to Manage the Nation's Finances?"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 13th, "The government is currently not considering any supplementary budget (추경)."

Deputy Prime Minister Choo made this remark in response to a related inquiry from Lee Heon-seung, a member of the People Power Party, during the National Assembly's economic sector questioning session that day.

Regarding the opposition party's proposal for a supplementary budget of 35 trillion won, Deputy Prime Minister Choo said, "When the supplementary budget was first mentioned, I understood it as a need for a reduced or cut supplementary budget due to tax revenue shortfalls. If both ruling and opposition lawmakers are worried about insufficient tax revenue but still say they will spend an additional 35 trillion won, how do they intend to manage the national finances? We need to reconsider this issue soberly," clearly expressing his opposition.

When asked about the necessity of fiscal rules, he warned, "Fiscal rules are the management of a country's finances. Our country faces serious issues with low birth rates and an aging population, and there are many areas where money will need to be spent in the future, but the tax-paying population is gradually decreasing. If we leave this structure, where the national fiscal burden and national debt are increasing, unchecked, not only will international credit agencies issue warnings to our country, but we will also pass on a huge debt burden to future generations."

He added, "The legislation of fiscal rules did not start with the Yoon Suk-yeol administration; it was also officially proposed as a government bill during the Moon Jae-in administration. Both the ruling and opposition parties have proposed bills related to the legislation of fiscal rules, and since active discussions are currently underway in the National Assembly's standing committees, I plan to actively encourage speeding up the process."

Regarding recent issues of illegal subsidy receipt and corruption involving private organizations, he emphasized, "The government will strictly verify whether subsidies are appropriate before being granted and whether they have been properly executed according to regulations after being disbursed. The strengthened verification measures have been approved by the review committee, and since bills to further strengthen these measures have been proposed in the National Assembly, we must promptly pass these laws to ensure that our taxpayers' money is not misused."

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