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Park Hong-geun (right), secretary of the Special Committee on Budget and Liquidation of the National Assembly, along with Democratic Party legislator Gyeong-ho Chu and Popular Force Congressman Choo Gyeong-ho, held a press conference at the Communication Room of the National Assembly on day 1 and announced an agreement to process the budget for fiscal year 2021. News 1
The ruling and opposition parties agreed to address next year’s budget, totaling 558 trillion won on Day 1, at the plenary session of the National Assembly on Day 2. This was a 2 trillion won increase over budget. original (556 billion won) presented by the government to the National Assembly. It has been 11 years since 2010 that the government’s proposal was clearly increased after being reviewed by the National Assembly. This is the result of reflecting the 3 trillion won budget for the third disaster emergency support fund to respond to the re-emergence of the new coronavirus infection (Corona 19).
On this day, the Democratic Party and People’s Power, Kim Tae-yeon, Joo Ho-young, and Member of the National Assembly Park Hong-geun, secretary of the Special Committee on Budget and Accounting of the National Assembly, Democratic Party and Choo Gyeong-ho, they held a ‘2 + 2 meeting’ in the National Assembly and tentatively agreed on the budget for next year. The ruling and opposition parties ultimately decided to increase 7.5 trillion won and reduce 5.3 trillion won in the government proposal (55.58 trillion won). It was decided to compensate for the financial shortage due to the large-scale increase by issuing additional government bonds (debt) worth 2.2 trillion won. Consequently, the size of next year’s budget (total spending) increased by 2 trillion won from the government draft.
Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance, will leave the Office of the Preliminary Committee before the Subcommittee on Budget and Liquidation of the Special Committee on Budget and Accounts of the National Assembly on the 23rd. Reporter Oh Dae-geun
In detail, the 3 trillion won budget for disaster relief was reflected again in next year’s budget. The government will soon release a detailed payment plan to support ‘pincers’ for the self-employed and the vulnerable who lost their jobs due to Corona 19 due to the second stage of social distancing in the metropolitan area. In addition, a budget of 900 billion won was added to insure 44 million people (87% of the entire nation) from the Corona 19 vaccine. Among the existing projects, the budget for △ residential stability for ordinary people △ neutrality carbon in 2050 △ support for small and medium-sized businesses and small business owners △ childcare and childcare has increased.
Until the day before, it was not clear whether the ruling and opposition parties could agree and approve the budget until the second deadline for legal processing. This is because the tug of war continued until the last minute on the issue of financing the third disaster support fund. The Democratic Party and the government said that in order to secure a crown package budget of around 5 trillion won (up to 4 trillion won in 3rd aid in case of disaster + 1.3 trillion won in vaccines), it is inevitable issue government bonds of 2 trillion won + α. On the other hand, the popular force faced a considerable reduction in the budget of the ‘Korean version of the New Deal’ (21.3 trillion won), saying, “No debt party.” A key Preliminary Committee official said: “The party’s position that the issuance of government bonds is inevitable was firm, and the key was whether the popular power would accept it, but it was not clear until morning.”
Finally, in a ‘debate’ between the representatives of the ruling party and the opposition, they agreed step by step, opening the door to an agreement. The Democratic Party persuaded the government, which had expressed difficulties in further reductions, and expanded the amount of the reduction to 5.3 trillion won and built the face of popular power. The actual budget cut is reported to include a portion of the Korean version of the New Deal. Instead, the people’s power agreed to issue the government bonds required by the Democratic Party. A passport official said: “Within the Democratic Party, there was a strong tendency that it would be onerous to manage the budget only in a situation in which a legislative reform such as the Air Transport Law was pushed.” I will.”
With more than 500 new cases of coronavirus infection (Corona 19) in Korea every day, and the third pandemic becoming a reality, a shopping street in Namdaemun Market in Jung-gu, Seoul closes on the 26th. News 1
It is expected that the budget proposal tentatively agreed by the opposition parties will be processed through the Budget Committee of the Preliminary Committee → General Meeting → Plenary Meeting on the 2nd. Six years have passed since 2014 that the National Assembly met the deadline for process the budget bill (December 2). In 2014, when the National Assembly Advancement Law was first introduced, which automatically presented the budget proposal to the Plenary, even if the agreement between the opposition parties collapsed, the ruling and opposition parties approved the bill. budget at 10:12 a.m. on December 2. However, since 2015 and 2016 (December 3), 2017 (December 6), 2018 (December 8), and 2019 (December 10), the budget has been “ late processed ” every year.
Junseok Park reporter [email protected]
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