Jeong Cheongrae Declares Speedy Supplementary Budget for Middle East Crisis: "To Be Processed at the Fastest Pace Ever"

Utilizing Excess Tax Revenue Has No Impact on Fiscal Soundness

"No Divide Between Ruling and Opposition on Livelihood Issues"…Directly Refutes Opposition Criticism

Jeong Cheongrae, leader of the Democratic Party of Korea, stated on March 16 that the supplementary budget to address the economic crisis caused by the Middle East situation "will be implemented at the fastest pace in history."

At the Supreme Council meeting held at the National Assembly that day, Jeong emphasized, "The more complex external conditions become, the more the National Assembly must step up to serve as a breakwater and mitigate the overall impact on the economy and people's livelihoods." He continued, "I urge the relevant ministries to quickly assess the need for and scale of the supplementary budget, and to prepare the proposal as soon as possible." Jeong added, "The National Assembly will also begin its review immediately upon submission of the government's supplementary budget proposal."

Jeong Cheongrae, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on March 16, 2026. Photo by Kim Hyunmin

Jeong noted, "The fastest handling of a supplementary budget in history was in May last year, when it was passed just 10 days after being submitted to the National Assembly," and pledged, "We will act as quickly as possible this time as well, aiming to break that record." He continued, "Through this, we will ensure that the supplementary budget is executed at an unprecedented speed and that people's livelihoods are stabilized."

He also responded to criticism from opposition parties and others regarding the supplementary budget.

Jeong pointed out, "The Ministry of Planning and Budget has announced its plan to formulate the supplementary budget by utilizing excess tax revenue, without issuing additional government bonds," explaining, "This means that support for economic and livelihood stability is fully possible without affecting fiscal soundness." He further stated, "When it comes to people's livelihoods, there is no division between ruling and opposition parties," and criticized, "The People Power Party's reckless claim that this is a 'wasteful election handout' is a statement that greatly underestimates the public." Jeong urged, "The opposition parties should not distort the government's efforts to revive the economy and livelihoods with political rhetoric, but rather actively cooperate."

He also strongly emphasized that this supplementary budget will have minimal impact on the national finances. Jeong explained, "Our government debt-to-GDP ratio is quite favorable compared to other OECD countries," and added, "It is not a proposal to issue government bonds for the supplementary budget, but rather to formulate the budget based on expected increases in tax revenue. Opposing this is merely the People Power Party repeating the habits they have shown during the three years of the Yoon Suk-yeol administration's prosecutorial dictatorship."

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