The Budget and Accounts Committee Kicks Off... Government "Enhance Fiscal Soundness" vs Opposition "Fill the People's Treasury"

Prime Minister Han Duck-soo: "Fiscal Management Must Be Efficient and Strategic"
Debate Over President Yoon Suk-yeol's Statement... "The Cabinet Must Resign Completely"

The National Assembly's Special Committee on Budget and Accounts has officially begun scrutinizing the 677 trillion won budget proposal submitted by the Yoon Seok-yeol administration. While the government claims to have secured fiscal soundness, the opposition argues that the government's austerity measures have made life difficult for the public.

Prime Minister Han Duck-soo is giving a greeting at the Budget and Accounts Special Committee held at the National Assembly on the 7th. Photo by Kim Hyun-min

On the 7th, Han Duck-soo, Prime Minister, stated at the plenary session of the Budget and Accounts Committee held at the National Assembly in Yeouido, Seoul, "Our government's sound fiscal policy is not simply about tightening spending, but about minimizing unnecessary expenditures while managing finances efficiently and strategically, considering the scale of the economy." He added, "The government will reduce inefficient sectors and properly invest where needed to enhance the efficiency and soundness of fiscal management."

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, summarized the budget proposal by saying, "Next year's budget prioritizes stabilizing the lives of ordinary citizens and investing in a better future for the Republic of Korea." The key features of the budget he mentioned include a robust social safety net for low-income groups, support for enhancing growth potential and structural reforms, and efforts to ensure fiscal sustainability.

However, the opposition criticized the government's budget proposal for focusing solely on austerity. Ahead of the budget review, the Democratic Party pledged to increase the budget for the local currency project proposed by party leader Lee Jae-myung. Park Jung, chairperson of the Budget and Accounts Committee from the Democratic Party, said, "Let's carefully examine whether this budget prioritizes support for people's livelihoods and focuses on structural reforms and improving the system for future leaps, as the government claims." He added, "Now is not the time to worry about the national treasury but to fill the people's treasury."

The National Assembly also saw heated debate over President Yoon's national address delivered that day. When Democratic Party lawmaker Shin Young-dae asked whether the cabinet's aides had conveyed opinions to President Yoon, Prime Minister Han replied, "We have sufficiently gathered and conveyed the opinions of the media and the public." In response, Shin criticized, "There was no sincere reflection or apology from President Yoon," and said, "The Yoon administration missed the opportunity to regain public trust while seeking a new direction for state affairs." He also called for the entire cabinet to resign.

The ruling party pushed back, saying the focus should be on scrutinizing the government budget and related matters in the Budget and Accounts Committee. Park Soo-min, a lawmaker from the People Power Party, said, "I hope we can concentrate on Budget and Accounts Committee matters during this valuable time with all government ministers present," and added, "I ask the committee chair to check remarks that blur the line between requests for materials, inquiries, and revelations."

The Budget and Accounts Committee will continue comprehensive policy questioning until the next day. From the 11th to the 14th, it will conduct department-by-department reviews, followed by subcommittee reviews of increases and decreases from the 18th to the 25th, and hold a plenary session on the 29th to approve the budget proposal.