Ruling and Opposition Parties Struggle to Coordinate Supplementary Budget... Ruling Party Hints at Unilateral Approval

Negotiation from 250,000 won to 230,000 won
Compromise plan under review for bottom 90%

Prime Minister Kim Boo-kyum is delivering a policy speech related to the 33 trillion won scale of the second supplementary budget bill at the National Assembly plenary session on the 8th.
[Image source=Yonhap News]

[Asia Economy Reporters Oh Ju-yeon and Lee Hyun-joo] The Democratic Party of Korea has indicated that it may unilaterally pass the second supplementary budget bill (추경) after failing to narrow differences with the opposition parties. On the 23rd, ruling and opposition parties continued negotiations over key issues such as whether to provide disaster relief funds to all citizens, the net increase in the supplementary budget, and national bond repayments, but neither side showed willingness to compromise, making the passage of the bill in the plenary session uncertain.

Yoon Ho-jung, floor leader of the Democratic Party of Korea, stated at the morning Supreme Council meeting, "It is time to make a bold decision," and expressed determination to push the bill through, saying, "We will continue dialogue until the last moment for the passage of the supplementary budget and normalization of the National Assembly, but if the opposition ultimately opposes, we will boldly break through."

The ruling and opposition party secretaries of the National Assembly Budget and Accounts Committee met twice from the previous day’s recess until the morning of the 23rd to negotiate but failed to find common ground. Kim Seong-won, opposition party secretary of the Budget Committee, said in a phone interview, "There was no coordination at all."

The contentious issues include the nationwide disaster relief fund, the net increase in the supplementary budget, exclusion of credit card cashback, and repayment of about 2 trillion won in national bonds. The positions of the ruling party, opposition parties, and the government differ on each matter. The Democratic Party of Korea has stated that if it is difficult to provide 250,000 won to all citizens, the amount could be lowered to 230,000 won, but the opposition and government still advocate for selective payments. A compromise plan to provide funds to the "bottom 90% income bracket" is also being discussed. Lee Jun-seok, leader of the People Power Party, made clear after an emergency Supreme Council meeting with reporters, "We intend to enforce the original plan of no net increase in the supplementary budget and strengthening support for small business owners." Accordingly, the plenary session, originally scheduled to start at 10 a.m., is expected to convene only around 10 p.m. Kim Ki-hyun, floor leader of the People Power Party, warned of difficulties, saying, "The plenary session could continue until midnight."