The Democratic Party’s ‘New Year’s supplementary budget’ presents five principles… National subsidy is also “open and reviewed”

Yun Ho-jung, floor leader of the Democratic Party of Korea (center), speaks at the New Year’s Supplemental Budget Meeting held at the National Assembly on the 5th. Parliamentary photojournalists

The Democratic Party of Korea (Democratic) on the 5th hinted at a speed battle for organizing the first supplementary budget (additional budget) this year for additional support for small business owners and the self-employed. The five supplementary budget principles were presented at the Extraordinary National Assembly in February: disposition within the National Assembly, support for blind spots, sufficient amount of money, political sphere-led organization, and review of various support methods. It is not ruling out the possibility of providing national disaster relief funds proposed by Democratic presidential candidate Lee Jae-myung.

Democratic Party floor leader Yun Ho-jung held a ‘New Year’s Supplementary Budget Conference’ at the National Assembly on the same day and said, “Yesterday, Candidate Jae-myung Lee formalized the discussion on the formation of a supplementary budget at a New Year’s press conference.” Rather, based on the principle of financial support, we will speed up the formation of the New Year’s supplementary budget.” Candidate Lee asserted the need for an additional budget to support small business owners and self-employed people worth 25 to 30 trillion won the day before.

Shin Hyun-young, floor spokesperson, met with reporters after the annual meeting and said, “It is important to discuss with the government (additional budget plan) in January and proceed quickly. Shigira, we will consider whether it is possible to hold the extraordinary parliamentary session in February from January,” he said.

The Democratic Party proposed five principles of supplementary budget planning based on prompt and broad support. Policy Committee Chairman Park Wan-joo said at the annual meeting, “In order to resolve the pain in the field as quickly as possible, it is desirable to process it within the National Assembly in February.” He also emphasized, “We have expanded the loss compensation to the target of the (government’s sales) manpower limit, but the target of indirect damage is still in the blind spot.”

Regarding the total amount of the supplementary budget, which is being talked about 25-30 trillion won, Chairman Park said, “Even if you don’t hear that it’s overflowing, it will be organized on a scale that says ‘this is enough.’” He also proposed the principle that “the opposition and opposition parties should proactively discuss the matter in the National Assembly and take the initiative in composing the supplementary budget.” It is interpreted that pressure was put on the government, which had the right to organize the supplementary budget, to actively organize the supplementary budget.

Chairman Park said, “I expect the government to open and review the most effective method among various payment methods such as financial support, in-kind support, and local currency.” He said that the national disaster relief fund, which Lee said needs to be paid in the form of local currency and consumption coupons, is also a subject of discussion. Yoh Yong-jin, senior spokesperson for the Democratic Party, met with reporters on the same day and said, “The support for small businesses and the payment of national disaster relief funds should go together.

Candidate Lee reiterated that although support for small business owners and the self-employed is a priority, it is necessary to provide national disaster relief funds. Candidate Lee met with reporters after the vision meeting of the National Vision and National Integration Committee held in Gwangju on the same day and asked, ‘When do you think it is necessary to pay the national disaster aid? I can’t decide,” he said.

It is interpreted as a prudent theory to first look at the possibility of raising financial resources in consideration of the opposition from the financial authorities and some opposing opinions. Kang Hoon-sik, chairman of the Strategic Planning Committee of the Democratic Party, also said in an interview with MBC radio that day, “It’s like a request to review if (financial) can afford it, and it’s not about redoing what was withdrawn or creating a (pros and cons) front like in the past.”

Another variable for the Democratic Party is that the leadership of the people’s power to discuss the supplementary budget bill review schedule is empty. At the annual meeting, floor leader Yoon said, “I hope for the early normalization of the first opposition party, which is a negotiating partner for the supplementary budget.”

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