Han Byeong-do, the floor leader of the Democratic Party, emphasized that the government’s proposed budget of 821 trillion won for next year is a "growth expansion budget that supports everyone’s growth," and he pledged to process the budget within the legal deadline. He urged the People Power Party, which has announced a proposed cut of 30 trillion won, to "stop the baseless agitation and responsibly engage in discussions about the budget for the lives of the people and the future of South Korea."
Speaking at a party strategy meeting on November 3, Han stated, "Yesterday, President Lee Jae-myung explained the main contents and reasons for the next year's budget during his state address, presenting a transition toward growth for all."
Han noted, "Even if the economy recovers and exports increase, it is not enough if the public cannot feel the benefits. We will actively support the principle of fiscal planning that emphasizes bold investment while reducing waste, prioritizing direct support over tax cuts, and providing more substantial support the further one is from the capital region."
He also mentioned, "While reducing the burden of new national bond issuance, we will ensure that necessary investments continue, carefully monitoring operational transparency and fiscal stability. Above all, we will fulfill our responsibility as the ruling party by processing the budget by the legal deadline of December 2, ensuring timely support for livelihoods and future investments."
Addressing the People Power Party's call for a 30 trillion won budget cut, he argued, "Determining the scale of cuts before the review is not responsible budget scrutiny. Provide evidence for opposition and alternatives for cuts."
He criticized the People Power Party for their comments during President Lee's state address, stating, "They poured out baseless accusations of future plunder and debt parties, downplaying the improvement in debt ratios due to growth and labeling investments for future growth as populism."
Han pointed out that the International Monetary Fund (IMF) significantly lowered its forecast for South Korea's debt ratio from 54.4% to 47.4% this year, questioning, "If they consider the improvement in debt ratios due to growth an illusion, what do they base their judgment of fiscal sustainability on?"
Regarding the future response fund, which the People Power Party referred to as a 'debt party,' he remarked, "Since the semiconductor boom will not last forever, we need to cultivate the next growth engines and prepare for revenue shortages. If we use all surplus funds for debt repayment, how will we respond to future investments and economic downturns?"
Additionally, Han requested cooperation from the People Power Party regarding the formation of a special committee for the 'super mega strategic industry special zones' during the National Assembly's operations committee discussions. He stated, "The success of the three mega projects is not just the success of the Democratic Party or the Lee Jae-myung administration. It is a matter of South Korea's industrial competitiveness and the future of our regions. I hope both parties can come together to form the special committee and narrow the differences on contentious issues."
* This article has been translated by AI.
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