Lee Jae-myung "Local Currency Should Circulate in Neighborhood Markets"
Amid the Democratic Party of Korea's push to pass a budget bill with only cuts reflected in the National Assembly's Special Committee on Budget and Accounts (Budget Committee), Lee Jae-myung, the Democratic Party leader, stated that negotiations could proceed if the government submits a revised budget proposal.
Democratic Party leader Lee Jae-myung is shaking hands with Gyeongbuk Governor Lee Cheol-woo at the Gyeongbuk Provincial Office on the morning of the 1st. Photo by Yonhap News
On the 1st, Lee met with Lee Cheol-woo, Governor of Gyeongbuk Province, at the Gyeongbuk Provincial Office in Andong, Gyeongbuk, to discuss current issues such as the integration of Daegu and Gyeongbuk and support for the '2025 Gyeongju Asia-Pacific Economic Cooperation (APEC)'. At the meeting, Governor Lee said, "The biggest problem is the overconcentration in the Seoul metropolitan area," and added, "This is the first time I have seen a budget bill with cuts while the Democratic Party monopolizes the legislature." Lee Jae-myung responded, "It is about cutting unnecessary budgets."
Furthermore, when Governor Lee mentioned, "I requested an increase in the APEC-related budget to the National Assembly, but it was not granted," Lee Jae-myung replied, "That might be to avoid political misunderstandings," and added, "It was not included in the government proposal, but if requested, we will negotiate and accommodate it."
Lee left room for negotiation if the government submits a revised budget. He explained, "If an increase is necessary, the government can submit a revised proposal," and said, "The budget bill passed with cuts because the government unilaterally included a lot of special activity expenses." He continued, "If the government submits a revised proposal, we will negotiate," emphasizing, "If serious negotiations are possible, there will be a way."
Lee also mentioned the necessity of local currency. He said, "To prevent concentration in the Seoul metropolitan area, small-scale economies must be able to survive," and added, "We need to increase fiscal spending such as local currency and enable circulation in local neighborhood markets."
Lee Hae-sik, the party leader's chief secretary, met with reporters after the meeting and said, "The budget cut bill was passed this time, but it was mentioned that there is a willingness to negotiate if the government submits a revised proposal," and added, "I understand that the floor leader's position is that if there are objections to the cuts, a supplementary budget should be prepared."
Regarding local currency, the chief secretary explained, "The National Assembly's Public Administration and Security Committee increased the local currency budget by 2 trillion won, but it was not reflected. Government consent is required," and said, "If negotiations for an increase related to APEC are possible, national support budget for local currency can also be negotiated."
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