Budget Bill Misses Legal Deadline... This Time Hindered by Dual Special Prosecutors

Chairman Kim Sets Deadline... Ruling and Opposition Parties Unable to Negotiate Increase
Both Parties Clash Over Ssangteukgeom Act... Passage Expected After Mid-Month

This year as well, it seems difficult to process next year's budget, which has exceeded the legal deadline, within the session of the 21st and final regular National Assembly. The New Year's budget has already passed the legal deadline (December 2) due to clashes between the ruling and opposition parties over the impeachment motion against former Broadcasting and Communications Commissioner Lee Dong-kwan, and now it is being held up by the Democratic Party's push for the 'Double Special Prosecutor Act' (related to suspicions of Kim Geon-hee's involvement in the Deutsche Motors stock manipulation case and the Daejang-dong 5 billion won club). The Democratic Party plans to pass the Double Special Prosecutor Act at the plenary session as early as the 8th, making it highly likely that the budget will be held hostage by major contentious bills until the end of the year.

According to political circles on the 4th, National Assembly Speaker Kim Jin-pyo ordered the floor leaders of both parties to complete budget negotiations before the plenary session scheduled for the 8th. However, the ruling and opposition parties have not even started negotiations on budget increases. Negotiations are scheduled to resume from this day, but it is expected to be difficult due to the aftermath of the impeachment political situation.

Kim Ki-hyun, the leader of the People Power Party, is speaking at the Supreme Council meeting held at the National Assembly on the 4th. Photo by Kim Hyun-min kimhyun81@

Since the 27th of last month, the ruling and opposition parties have formed a so-called 'small subcommittee' in the National Assembly's Special Committee on Budget and Accounts, consisting of the chairman, floor leaders from both parties, and the Vice Minister of Strategy and Finance, conducting closed-door negotiations on next year's budget of 657 trillion won. Originally, according to the National Assembly Act, the Budget and Accounts Committee was supposed to complete negotiations by the 30th of last month and process the budget at the plenary session by the 2nd of this month, but the ruling and opposition parties have failed to narrow differences over 'contentious budgets' such as ▲Research and Development (R&D) budget ▲Special activity expenses of investigative agencies ▲Local love gift certificates.

The ruling party intends to pass the budget within the December regular session ending on the 9th, but the dominant view inside and outside the political circles is that it will only be possible after mid-month. This year's government budget also barely passed the plenary session on December 24 last year after conflicts between the ruling and opposition parties. Some in the political circles are also expressing concerns about a quasi-budget crisis. A quasi-budget is a budget arbitrarily prepared by the government if next year's budget does not pass the National Assembly by the start of the fiscal year on January 1. Since it is set at the minimum scale necessary for national operation, confusion in major policies, projects, and national systems is inevitable. However, there has been no precedent so far where national administration was conducted under a quasi-budget.

Democratic Party of Korea leader Lee Jae-myung and floor leader Hong Ik-pyo are holding a Supreme Council meeting at the National Assembly on the 4th. [Image source=Yonhap News]

On this day as well, the ruling and opposition parties engaged in a blame game over who is responsible for the 'late processing' of next year's budget. Kim Ki-hyun, leader of the People Power Party, said at the Supreme Council meeting held at the National Assembly in the morning, "The Democratic Party has polluted the budget processing plenary session as a 'corruption shield' plenary session and missed the legal deadline for budget processing again this year," and criticized, "The Democratic Party's insistence on pushing through a 'political special prosecutor' is an act that is hard to understand with ordinary reason and common sense, even for an opposition party with differing views."

On the other hand, Lee Jae-myung, leader of the Democratic Party, targeted the government and ruling party, saying, "How can we run the government so irresponsibly and stubbornly like a tree frog, obstructing budget processing, blocking livelihood legislation, and habitually vetoing?" The Democratic Party particularly pointed out that Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho, who is in charge of the budget, accompanied President Yoon Seok-yeol on his state visit to the UK during the budget review period. Floor leader Hong Ik-pyo said, "We deeply regret the government and ruling party's attitude of avoiding responsibility and delaying negotiations."

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