Park Chandae: "Breathing Room Through Tangible Economic Stimulus Measures"
Jin Sungjoon: "Bold and Swift Supplementary Budget Will Contribute to Economic Recovery"
On June 10, the Democratic Party of Korea announced that it would begin discussions on formulating a supplementary budget of at least 20 trillion won to support economic recovery and boost the economy for the livelihood of the people.
Park Chandae, Acting Leader and Floor Leader of the Democratic Party, emphasized the need for swift supplementary budget discussions at a floor strategy meeting held at the National Assembly that morning. He stated, "Since President Lee Jaemyung has instructed the prompt formulation of a supplementary budget, we will implement economic stimulus measures that the public can truly feel, such as providing livelihood recovery support funds through local currency, to breathe new life into the economy."
He continued, "We will begin formulating a supplementary budget of at least 20 trillion won to stimulate domestic demand and support self-employed individuals and small business owners," and stressed, "As the government is making every effort to restore the people's economy, the Democratic Party will mobilize every possible means to do its utmost to revive the people's livelihood economy."
Park Chandae, Acting Leader and Floor Leader of the Democratic Party of Korea, is speaking while presiding over the last floor strategy meeting of the current floor leadership at the National Assembly on June 10, 2025. Photo by Kim Hyunmin
Jin Sungjoon, Policy Committee Chair, also said, "Economic recovery and boosting consumption are truly urgent," and added, "As international financial institutions predict, bold and swift formulation of a supplementary budget will contribute to our economic recovery and growth."
He further pointed out, "Right before the presidential election, a supplementary budget of about 14 trillion won was prepared, but it was clearly insufficient to boost consumption and restore the people's livelihood," and stated, "At the beginning of this year, our party proposed that a supplementary budget of about 35 trillion won was needed at the very least to defend the economy, so at least an additional supplementary budget of 21 trillion won is necessary in the current situation."
He also emphasized, "The content of the supplementary budget is just as important as its size," adding, "We must focus on projects that are effective in boosting consumption and restoring the people's livelihood. The Democratic Party has already proposed a four-part livelihood recovery package."
The four-part livelihood recovery package includes nationwide livelihood recovery consumption coupons, win-win consumption cashback, consumption vouchers in eight key sectors, and support for local currency discounts.
He also addressed the People Power Party, saying, "As soon as the new floor leaders of both parties are elected, we must immediately renegotiate the agreement to pursue common livelihood pledges," and suggested, "Since there are opposition party pledges that are even better than our own, such as debt adjustment for small business owners and self-employed individuals and expanded housing benefit support for vulnerable groups, let us promptly process livelihood bills on which there is no disagreement."
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