Democratic Party of Korea Chairman Jeong Cheong-rae vowed to break the record for the fastest supplementary budget passage as the government's submission to the National Assembly approaches.
"The fastest processing on record was 10 days, and we will break that record," Jeong said at the party's supreme council meeting at the National Assembly on Friday. "We will do everything possible to ensure the supplementary budget is executed faster than ever to stabilize people's livelihoods."
The National Assembly processed a 13.8 trillion won supplementary budget for economic recovery within 10 days of submission in May last year.
"When external conditions are as complex as they are now, the National Assembly must step up as a breakwater to reduce shocks to the economy and people's livelihoods," Jeong said. "We urge relevant ministries to quickly assess the required scale and prepare the supplementary budget as soon as possible. The National Assembly will begin deliberations immediately upon submission."
Jeong explained the budget aims to mitigate shocks from the Middle East situation and support small business owners and the self-employed. "It is urgent to support the refining, distribution, and logistics industries struggling with rising oil prices, as well as exporters, while protecting small merchants, the self-employed, farmers, fishermen, and ordinary citizens," he said.
"Stabilizing oil prices, exchange rates, and livelihoods is all about timing. Politics is the art of timing," Jeong added. "The Democratic Party fully supports President Lee Jae-myung's plan and will make every effort to back it."
Jeong criticized the People Power Party for calling the budget "election-driven taxpayer spending." "That remark shows utter contempt for the people," he said. "Stop distorting the government's efforts to revive the economy through Yeouido political gamesmanship and actively participate."
He noted Korea's national debt-to-GDP ratio remains relatively healthy among OECD countries. "We're not proposing to issue government bonds for this supplementary budget. We're proposing it based on expected increases in tax revenue," Jeong said. "Opposition to this simply repeats the habits from the Yoon Seok-yeol prosecutorial dictatorship era."
Regarding prosecution reform legislation facing calls for revision within the party, Jeong said, "Absolute monopoly of power leads to absolute corruption. The party, government, and presidential office are coordinating thoroughly to uphold the principles of prosecution reform."
"Prosecution reform is the flag and symbol of the Lee Jae-myung administration and the Democratic Party," he said, signaling rigorous review. "Every legal provision matters, as does maintaining the fundamental principle of separating investigative and indictment functions."