Budget Committee Subcommittee Speeds Up Review of Reductions and Increases
Chairman Park Jeong: "Budget Bill to Be Passed Even Within 30 Days"
Possibility of Passage Within Regular Session If Leadership Reaches Compromise
The review of next year's budget proposal is gaining momentum, drawing attention to whether it can be processed within the regular National Assembly session ending on the 10th of next month.
According to a summary of Asia Economy's coverage on the 29th, the National Assembly's Special Committee on Budget and Accounts has made significant progress in reaching consensus on reductions and increases related to next year's budget review. Choi Hyung-doo, a member of the Budget and Accounts Adjustment Subcommittee (hereafter the Subcommittee) and a lawmaker from the People Power Party, told reporters that "Yesterday, the ruling and opposition party floor leaders agreed on a reduction of more than 1 trillion won. We also discussed the direction of increases, so the final amount will be adjusted." An opposition party official from the Budget and Accounts Committee also said, "Yesterday, we reviewed parts related to supplementary opinions and projects on hold. The Budget and Accounts Committee is following procedures as much as possible, including consulting with the government on projects that were put on hold or on increase requests during the review." He added, "The rest will depend on a decision at the leadership level of both parties beyond the Budget and Accounts Committee."
Budget review for non-economic ministries is underway at the 11th plenary session of the Special Committee on Budget and Accounts held at the National Assembly on the 13th. Photo by Kim Hyun-min
Unlike in the past when the Budget and Accounts Committee ended its review after reductions, this year it has made considerable progress including increases. The committee itself has expressed its intention to process the budget proposal by the legal deadline of the 30th. Park Jung, Chairperson of the National Assembly Special Committee on Budget and Accounts (affiliated with the Democratic Party), told this outlet in a phone interview, "We plan to hold the Budget and Accounts Adjustment Subcommittee meeting this afternoon to finalize things," adding, "We will process the budget proposal even as early as tomorrow."
Initially, political circles anticipated that the budget review would be delayed due to the minority ruling party situation and intense political conflicts. However, as progress has been made not only on increases and reductions but also on supplementary opinions within the Budget and Accounts Committee, there is speculation that an early budget agreement could be reached if political compromise is achieved between the leadership of the ruling and opposition parties.
Meanwhile, the Budget and Accounts Committee will hold a plenary session this morning to approve the 2023 settlement of accounts.
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