People Power Party: "Party and Government Not Considering Supplementary Budget Draft Early Next Year"

Kim Sang-hoon "There Will Be No Wasteful Supplementary Budget"

On the 19th, the People Power Party drew a clear line, stating that they are not considering the Democratic Party of Korea's demands for the prompt formulation of an additional supplementary budget and an increase in the budget for local love gift certificates (local currency). They rejected the request for supplementary budget formulation made just five days after the Democratic Party forcibly passed the 2025 budget, which had been reduced by 4.1 trillion won.

At the party floor strategy meeting held at the National Assembly on the same day, Kim Sang-hoon, the chairman of the Policy Committee, said, "The Democratic Party requested the formulation of a supplementary budget just five days after unilaterally pushing through next year's main budget," and added, "The party and government are not considering the formulation of a supplementary budget early next year."

Chairman Kim explained, "We will comprehensively review the execution plan for next year's budget, the execution status of the first half of the budget, and the situation of domestic demand stimulation, and if necessary, we will consider the formulation of a supplementary budget."

He also dismissed the Democratic Party's demand for a supplementary budget to issue local love gift certificates as wasteful. "The supplementary budget will be allocated to projects necessary to revitalize domestic demand," he emphasized, "There will be no wasteful supplementary budget aimed at securing the budget for issuing local love gift certificates as demanded by the Democratic Party."

Yonhap News

He continued, "Why did you reject the 3.4 trillion won budget increase requested by the People Power Party during the formulation of next year's main budget for stabilizing people’s livelihoods and revitalizing domestic demand, and unusually request the formulation of a supplementary budget?" he questioned. "Is it to secure again the 1 trillion won budget for issuing local love gift certificates that Representative Lee Jae-myung is desperately pursuing?"

Chairman Kim also criticized the Democratic Party's push to amend the Commercial Act to expand directors' fiduciary duties to shareholders, saying, "It will effectively be a self-destructive bomb against our companies and economy," and urged, "We ask that the excessive and unreasonable amendment of the Commercial Act, which could deliver the strongest direct blow to the economy and companies, be stopped."

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