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Budget session begins — it cannot be a repeat of an ‘F’ audit grade

Published: 04 Nov. 2025, 00:00

National Assembly Speaker Woo Won-shik delivers remarks at a forum on the 2026 budget bill at the National Assembly Members’ Office Building in Yeouido, western Seoul, on Nov. 3. [YONHAP]

With the season of diplomacy over, domestic affairs now take center stage. After handing over the chairmanship of the Asia-Pacific Economic Cooperation summit to Chinese President Xi Jinping on Saturday, President Lee Jae Myung is set to deliver a policy speech at the National Assembly today outlining next year’s budget proposal. The Lee administration’s first budget totals 728 trillion won ($509 billion), an 8 percent increase from this year and the largest in history.

President Lee is expected to call for bipartisan cooperation to expand investment in AI, research and development and advanced industries, as well as to fund campaign pledges such as regional gift certificates and a national growth fund. Floor leader Kim Byung-ki of the Democratic Party (DP) said the administration’s expansionary budget “will revive the economy, protect livelihoods, and cultivate future industries.” The government and DP argue that the spending is a catalyst for delivering campaign promises. The People Power Party counters that issuing a record 110 trillion won in deficit bonds makes it a populist budget.

This year’s budget review carries heavier responsibility than usual, as it will determine the policy framework of the new administration. Lawmakers must also handle follow-up measures to the recently concluded Korea-U.S. tariff negotiations, which could include legislation such as a special investment act or National Assembly ratification.

Yet there are doubts over whether the Assembly can perform its role. The concern stems from a recent parliamentary audit, running from Oct. 13 through Thursday, which received an “F” grade from the NGO National Assembly Monitoring Group — the lowest on record. The previous two years earned a "C" and a "D." The audit began with controversy over forcing Supreme Court Chief Justice Jo Hee-de to testify, then devolved into partisan name-calling over the attendance of presidential aide Kim Hyun-ji. DP Rep. Choi Min-hee's family wedding and congratulatory money became a central issue. Lawmakers focused on fiery speeches aimed at hardline supporters, earning the nickname “YouTube Shorts-style audit.”

Budget deliberation, which plans spending and forecasts national finances, is more demanding and consequential than an audit. The Assembly must also determine how to translate APEC diplomacy into the national interest, especially since many agreements were not formalized in writing. That calls for cooperation between the government and both parties.

What is needed now is neither self-congratulatory slogans like “President Lee is a diplomatic genius” nor dismissive claims of “blank-sheet diplomacy.” Instead, lawmakers must act with restraint and prioritize national interest as they enter budget talks and APEC follow-up discussions.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.