Yoon's "Small Business Owners Are Struggling to Breathe" Remark... Opposition Party Says "Ignoring Presidential Authority Exercise"

No Agreement Reached Between Ruling and Opposition Parties on Supplementary Budget Bill on 27th
Yoon: "Parliament Still Not Open Today... Truly Regrettable"
Democrats: "Government's Late Submission of Supplementary Budget Due to Poorly Formed Compensation Plan by Transition Committee"

President Yoon Suk-yeol is answering questions from reporters as he arrives at the Yongsan Presidential Office building on the morning of the 23rd.
[Image source=Yonhap News]

[Asia Economy Reporter Yoon Seul-gi] President Yoon Suk-yeol expressed regret over the failure of the ruling and opposition parties to reach an agreement on the second supplementary budget bill (supplementary budget), stating, "Small business owners and self-employed people are struggling to breathe, but the National Assembly is not convening today, which is truly unfortunate." In response, the Democratic Party criticized this, saying, "We express strong regret."

Lee Su-jin, spokesperson for the Democratic Party's election campaign committee, issued a written briefing on the 27th, stating, "We strongly regret President Yoon Suk-yeol's remarks that shirk his authority to approve the government's supplementary budget increase and shift the responsibility to the National Assembly," and added, "From the presidential transition committee stage, the compensation plan for losses of small business owners and self-employed people was poorly organized, causing a delay in the government's submission of the supplementary budget proposal."

She continued, "Has the president completely forgotten his responsibility for submitting a plan that is far behind the promises made during his candidacy?" and pointed out, "The Democratic Party has requested the government and the People Power Party to increase the supplementary budget, including retroactive application, for full compensation of losses to small business owners and the self-employed. However, the government and the ruling party remain immovable."

The spokesperson said, "The Democratic Party proposed that President Yoon Suk-yeol keep his promise to the people. However, it was President Yoon who appointed Choo Kyung-ho, the Minister of Economy and Finance, who does not agree with this proposal," and raised her voice, saying, "President Yoon should not shift the responsibility for the failure to pass the supplementary budget but should instruct the government to approve the increase in the supplementary budget."

Furthermore, she said, "We strongly urge once again for approval of the supplementary budget increase for broader and more substantial support."

Meanwhile, the ruling and opposition parties held a luncheon meeting of the '3+3' floor leadership line on the same day, followed by negotiations between the floor leaders of both parties and Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance. However, they ultimately failed to reach an agreement due to differences over the retroactive application of COVID-19 loss compensation for self-employed and small business owners. The People Power Party and the government maintain that the payment of up to 10 million won in loss compensation included in this supplementary budget corresponds to support equivalent to retroactive application, but the Democratic Party insists that a new budget of 8 trillion won for retroactive COVID-19 loss compensation must be reflected.