Kwon Seong-dong: "Discussing supplementary budget in March or June next year is not too late"

Kwon Seong-dong and Choi Sang-mok Discuss Supplementary Budget and Economic Measures in National Assembly
Democratic Party Calls Government's Budget Cut and Subsequent Supplementary Budget Request "A Harmful and Irresponsible Act"

Kwon Seong-dong, Acting Party Leader and Floor Leader of the People Power Party, met with Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, and urged him to ensure thorough execution of the reduced budget bill that was unilaterally passed by the Democratic Party of Korea. Regarding the supplementary budget (supplementary budget), he said, "Whether it is in March or June next year, it is not too late to discuss adjustments when necessary." This appears to be a de facto rejection of the Democratic Party's rapid supplementary budget demand, which unilaterally processed the 2025 budget with cuts.

Yonhap News

At the meeting with Deputy Prime Minister Choi at the National Assembly on the 16th, Acting Leader Kwon emphasized, "The Democratic Party unilaterally passed the 2025 budget with a cut of 4.6 trillion won," adding, "As a result, key budgets such as livelihood, research and development (R&D) were cut, and the increase in regional balanced development budget also failed."

He continued, "Yesterday, Representative Lee Jae-myung proposed a supplementary budget, but I cannot help but criticize it as a very irresponsible act," pointing out, "Isn't it like giving a disease and then medicine?" He added, "The government budget is not a rice bowl in Lee Jae-myung's pocket."

Acting Leader Kwon also said, "The repeal of the financial investment income tax and the postponement of virtual assets tax law amendments were results accepted and passed by the Democratic Party after continuous issues and demands from the government and ruling party," calling it "a core achievement of the government and ruling party." He explained, "We will continue to consult with the opposition for additional legislation for securities market value-up programs such as lowering the highest inheritance tax rate," and "If the opposition refuses, we plan to appeal to the public about the importance and effects of these policies."

Deputy Prime Minister Choi said, "Our economic team is determined to do its utmost to manage the economy as stably as possible," adding, "The most important thing is to maintain external credibility." He continued, "Secondly, livelihood stabilization is important," and added, "We plan to complete the budget execution preparations by the end of this year so that the budget passed by the National Assembly can be executed without any issues starting January 1 next year."

Furthermore, Deputy Prime Minister Choi emphasized, "Thirdly, a new U.S. administration will take office early next year," adding, "We expect increased uncertainty in the trade environment. Not only the economic ministries but also the Ministry of Foreign Affairs will prepare for external uncertainties, and we will prepare in advance to respond appropriately when the new administration takes office."