Comprehensive Policy Inquiry:
Power Struggle Between the Democratic Party and People Power Party Over the Supplementary Budget
During the comprehensive policy inquiry of the National Assembly's Special Committee on Budget and Accounts, held on April 29 to review the supplementary budget bill, the Democratic Party of Korea and the People Power Party clashed over rumors of acting President and Prime Minister Han Ducksoo running in the presidential election, as well as over the proposed increase to the supplementary budget.
Economic Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok is attending the comprehensive policy inquiry on the supplementary budget review at the plenary meeting of the National Assembly Budget and Accounts Special Committee on the 29th, engaging in a conversation with Kim Yunsang, Vice Minister of Economy and Finance. Photo by Kim Hyunmin
At the plenary session of the Budget and Accounts Committee, which began in the morning at the National Assembly, the two parties continued their heated debate over the supplementary budget for a second consecutive day. The Democratic Party is demanding that the scale of the supplementary budget be increased to 15 trillion won and is also calling for a 1 trillion won increase in the budget for local gift certificates (regional currency). The People Power Party, on the other hand, is drawing a clear line against further increases, citing concerns over fiscal burden.
Wi Seongon, a lawmaker from the Democratic Party, argued, "The public believes the purpose of the supplementary budget is to respond to economic conditions and stimulate the economy, but the government's perspective seems entirely different. It appears that the Yoon Sukyeol administration has been framing fiscal spending as something negative throughout its term. I am concerned that the government is so fixated on adhering to fiscal rules that it is unable to see the current reality."
Jung Ilyoung, another member of the Democratic Party, criticized, "The supplementary budget has been drawn up very late and is too small. With the economy in such difficulty, this level of supplementary budget will not be enough to revive it."
Additionally, both the Democratic Party and the Innovation Party of Korea raised issues with Han's absence from the Budget and Accounts Committee and condemned the rumors of his presidential bid. Ju Cheolhyeon, a Democratic Party lawmaker, stated, "Prime Minister Han's presidential run is an act of continuing senseless, shameless, and reckless behavior at the expense of national stability. Neglecting his duties and recklessly using his public office for personal ambition is a mirror image of insurrection leader Yoon Sukyeol." Hwang Jeonga, also from the Democratic Party, remarked, "Acting President Han has been an accomplice and collaborator in Yoon Sukyeol's three-year-long tyranny. The fact that such an incompetent anti-constitutional figure, responsible for the collapse of state affairs and repeated unconstitutional acts against the Constitutional Court, is dreaming of the presidency is nothing but a laughable comedy in the eyes of the public."
Hwang Unha, a lawmaker from the Innovation Party, criticized Han's second consecutive absence from the Budget and Accounts Committee, saying, "It is deplorable. While Yoon Sukyeol betrayed the nation with the authority he had, Han Ducksoo is betraying the nation with authority he does not have, making him an even greater traitor."
The People Power Party countered that the Democratic Party's demand for an increased supplementary budget would undermine the nation's fiscal soundness, calling it a "budget increase for Lee Jaemyung's presidential campaign." Han Giho, a People Power Party lawmaker, questioned, "Who created the situation where we are forced to cut essential budgets in order to implement a supplementary budget? For whose benefit is this agitation to pressure the government to increase the supplementary budget even if it means taking on more debt?"
When Lee Jonguk, another member of the People Power Party, remarked, "It is practically impossible to raise the growth rate through fiscal spending," Choi Sangmok, Deputy Prime Minister and Minister of Economy and Finance, responded, "It would require about 100 trillion won to raise the growth rate by 1%."
Kim Seongwon, a lawmaker, asserted, "Among businesses, there is talk that the three major risks facing the Korean economy are the 'U.S.-originated trade crisis, trade with China, and the Lee Jaemyung risk.' Companies feel that Lee lacks credibility and consistency."
Meanwhile, starting April 30, the Budget and Accounts Committee will begin reviewing proposed reductions and increases to the supplementary budget in the Budget Adjustment Subcommittee. If the subcommittee reaches an agreement on the supplementary budget bill, the Budget and Accounts Committee plans to hold a plenary session on May 1 to review and vote on the bill.
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