Special Budget Session Commences

The 216th special session of the National Assembly officially opened Monday, but the ruling and opposition parties could not agree on a timetable for deliberating the 101 trillion won ($854 million) government budget for fiscal year 2001. The ruling Millennium Democratic Party wants to pass the proposed budget after one week of deliberation.

The main opposition Grand National Party is pushing for an overall review of the government budget and the addition of special legislation, proposed by the opposition camp, to eliminate government oversight of the financial system.

The opposition is also demanding a two-week deliberation of the proposed 101 trillion won budget in order to whittle it down to 92 trillion won.

While the ruling party floor leader Chung Kyun-hwan and opposition floor leader Chung Chang-wha haggled over the timetable, standing committees were in session.

In the Special Committee on Budget and Accounts, Minister of Commerce, Industry and Energy Shin Kook-hwan said that the government will review cutting taxes for some small and medium-sized companies by 50 percent over the next six years. The opposition had asked for the tax breaks.

by Kim Jung-ha