중앙데일리

Budget headed for Assembly

500 billion won cut from spending plan

Dec 20,2001
The National Assembly's subcommittee on budget adjustment reportedly reached an agreement to cut 500 billion won ($390 million) from the proposed 112.6 trillion won budget for 2002. The legislature is expected to pass the budget bill at the plenary session on Thursday.

Lawmakers cut 1.7 trillion won initially but finally settled on 500 billion won after adding a number of items. Fierce negotiations took place over 100 billion won set aside for the North-South Cooperation Fund, and part of the budget for relocating the South Jeolla provincial office.

Lawmakers also split on funds for constructing a new airport in Gimje, North Jeolla province, and for building a kimchi museum in Gwangju.

Representative Kim Hak-song of the main opposition Grand National Party insisted that outlays for the four items be slashed; Representative Kang Un-tae of the governing Millennium Democratic Party argued that the cooperation fund should not be touched. Officials said a last-minute adjustment could be made on the cooperation fund. No change was made during the final negotiations.

The items the subcommittee agreed to cut included 300 billion won for attracting infrastructure investment from the private sector and 100 billion won for building new highways, among other smaller items.

The subcommittee decided to increase spending on the second phase of the Seoul-Busan bullet train project, road construction adjacent to the new port in Busan and road construction around the new Incheon International Airport.

A subcommittee official said after adjustments for the abolishment of the special consumption tax and the lowering of corporate taxes that the new budget is more or less equivalent to the original budget proposal submitted by the executive branch.

At the beginning of the 10-day marathon negotiations over next year's spending plan, the opposition called for a budget cut of 1 trillion won; the ruling party wanted 1.1 trillion won added.

by Lee Soo-ho




dictionary dictionary | 프린트 메일로보내기 내블로그에 저장