Regarding "Supplementary Budget, No Agreement with Government Yet"

Sanghoon Kim, Chairman of the Policy Committee, "We Need to Communicate with the Government"
Supplementary Budget Factors Include Polarization Resolution and Domestic Economy Revitalization
Discussed with Deputy Prime Minister at the Party-Government Meeting on Livelihood Economy

On the 22nd, the People Power Party distanced itself from the presidential office's suggestion of the possibility of drafting a supplementary budget (추경) next year, mentioning the "active role of finance," stating, "There has been no consultation with the government yet."

Kim Sang-hoon, the policy chief of the People Power Party, said to reporters after the Supreme Council meeting held at the National Assembly that morning, "It seems necessary to communicate with the government side." Earlier, a senior official from the presidential office mentioned, "We do not exclude an active role of finance, including the supplementary budget," adding that "there is no set timing for drafting the supplementary budget early next year."

Kim Sang-hoon, Chairman of the Policy Committee of the People Power Party, is speaking at the party floor strategy meeting held at the National Assembly on the 22nd. Photo by Kim Hyun-min

The People Power Party, having originally defended the opposition's universal welfare logic in line with the government's sound fiscal policy stance, is interpreted as intending to approach the supplementary budget cautiously rather than immediately presenting the party's position. Previously, the People Power Party and the government held an emergency policy meeting to introduce fiscal rules and urged the legislation of fiscal rules, criticizing the previous Moon Jae-in administration, which executed a total of 10 supplementary budgets amounting to 143.1 trillion won during its term, saying, "We must not shift responsibility to future generations."

However, Kim's lack of explicit opposition can also be interpreted as acknowledging the difficulty of denying the supplementary budget due to the freezing of people's livelihoods caused by the economic slowdown, even excluding party-government relations. Following People Power Party leader Han Dong-hoon's recent visits to the Korean Confederation of Trade Unions and the Korea Federation of Small and Medium Business, the party itself has launched the Special Committee on Livelihood Economy and the Special Committee on Gap Reduction to gather issues related to people's livelihoods and demands from various sectors.

Kim explained, "I think there could be factors (for drafting the supplementary budget) in terms of resolving polarization and stimulating the domestic economy," adding, "Next year's main budget was drafted under a sound fiscal policy stance, and considering various tax revenue situations, I think it is possible to review (the drafting of the supplementary budget)." Kim also stated that since the Livelihood Economy Party-Government Council will be held at the National Assembly that afternoon with the attendance of Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, among others, they will discuss issues related to the supplementary budget.