Ruling and opposition parties unite on supplementary budget formation after a long time... 'Impeachment crisis remains a hidden obstacle'

Kwon Young-se Mentions Restoration of Daewang Whale Project and Stresses Need for Supplementary Budget
Lee Jae-myung Responds to Supplementary Budget Talks Through Government-Party Consultation
Political Tension Remains Over Ma Eun-hyuk Constitutional Court Justice Dispute

As the economy worsened further at the beginning of the new year, female lawmakers began to unanimously call for the necessity of a supplementary budget. However, the ruling party intensified its offensive by demanding the restoration of the budget for the Daewang Whale project, which the opposition had unilaterally cut at the end of last year. The opposition hinted at the possibility of negotiations related to the supplementary budget, but the political situation remains tense amid the impeachment crisis.

Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, and Kwon Seong-dong, Floor Leader, are leaving the meeting room after the Emergency Response Committee meeting held at the National Assembly on the 3rd. Photo by Kim Hyun-min

On the 3rd, Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, promised to restore the budget for the East Sea deep-sea gas field development project, also known as the Daewang Whale project, which the Yoon Seok-yeol administration had prioritized, during an Emergency Response Committee meeting held at the National Assembly. Chairman Kwon said, "If the East Sea gas pipeline project, worth up to 2,000 trillion won, succeeds, it will not only establish energy security but also have enormous economic ripple effects," adding, "We will restore the budget for the Daewang Whale project through future supplementary budgets and ensure that the main project proceeds without any setbacks."

It is noteworthy that the People Power Party, while pointing out problems with the opposition-led budget, also emphasized the necessity of forming a supplementary budget.

Lee Jae-myung, leader of the Democratic Party, said, "If Kwon Seong-dong, floor leader of the People Power Party, is sincere about the supplementary budget, I agree with and welcome the intention to activate the government-party consultation body to discuss the supplementary budget." The previous day, Floor Leader Kwon had stated, "If they are sincere about the people's livelihood, they should return to the ruling-opposition consultation body."

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 3rd. Photo by Kim Hyun-min

Although the ruling and opposition parties appear to be finding common ground on the supplementary budget, the political situation remains fluid. On the afternoon of the 3rd, after the Constitutional Court reached a decision regarding the appointment of Ma Eun-hyuk, a Constitutional Court justice nominee who passed the National Assembly plenary session, the ruling and opposition parties may resume a steep confrontation. Park Chan-dae, floor leader of the Democratic Party, issued a warning regarding the future actions of Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance. Park warned that if the Constitutional Court concludes that Ma's appointment is valid but the appointment is still not made, "the Democratic Party will have no choice but to make an extraordinary decision."