Parties agree to vote on extra budget on May 3

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Parties agree to vote on extra budget on May 3

Floor leaders of the ruling and main opposition parties agreed yesterday to vote on the government’s supplementary budget bill as early as May 3, after smoothing out their differences on its allocation.

On Tuesday, the government revealed its budget proposal of an extra 17.3 trillion won ($15.4 billion) to boost the sluggish domestic economy, of which 12 trillion won has been allocated to fill the gap in the government’s tax revenue, while the remaining amount will help boost the domestic market.

The government also plans to invest 2 trillion won, which doesn’t need the National Assembly’s endorsement. The supplementary budget plan was sent to the National Assembly on Thursday.

The ruling Saenuri Party and the main opposition Democratic United Party, while agreeing on a need to increase government spending to stimulate the economy, locked horns over the allocation of the budget.

The government plans to direct 3 trillion won of the budget toward creating more jobs, which could create about 40,000 new jobs.

By Sarah Kim []
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