Song Eonsuk: "Supplementary Budget Is Not a Panacea... Targeted Support Needed for Industries Hit by High Oil Prices"

People Power Party Floor Strategy Meeting
"Support Measures Must Be Precisely Tailored to Vulnerable Sectors"

Song Un-seok, Floor Leader of the People Power Party, commented on March 17 regarding the government's plan to draft a supplementary budget, stating, "A supplementary budget is not a cure-all for economic issues, and if poorly designed, it could actually poison the economy." He added, "Targeted support measures are needed, focusing on industrial sites directly hit by high oil prices."

At the floor strategy meeting held at the National Assembly that morning, Floor Leader Song said, " indiscriminate cash handouts to the entire population should be avoided. Instead, support must be precisely tailored to sectors vulnerable to high oil prices, such as freight, transportation, petrochemicals, and agriculture."

Song Un-seok, leader of the People Power Party, is speaking at a floor strategy meeting held at the National Assembly on March 13, 2026. Photo by Kim Hyunmin

He continued, "Article 89 of the National Finance Act restricts the requirements for drafting a supplementary budget to cases of war, large-scale disasters, economic recession, or mass unemployment," and added, "The government and ruling party must clarify which of these circumstances the current supplementary budget falls under."

He further stated, "Article 90 stipulates that surplus funds resulting from excess tax revenue must first be used to repay national debt," emphasizing, "Even if there is excess tax revenue, it must be allocated primarily toward repaying national debt. Using it for fiscal handouts is itself a legal violation."

Song also pointed out, "There is not enough capacity to procure funds for the supplementary budget," noting, "The managed fiscal balance is in deficit by 107.8 trillion won, and national debt is nearing 1,300 trillion won. Although corporate tax revenue has increased, considering the additional financial needs resulting from the Gwangju-Jeonnam integration, it is questionable how much can actually be covered."

He concluded, "Rather than direct cash support, indirect support measures such as loan interest subsidies or vouchers should be considered," and said, "The People Power Party will review the appropriateness of the supplementary budget with the government and, after its submission, with the ruling party."

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