President Lee Jae-myung urged citizens to make voluntary efforts to overcome the crisis during his supplementary budget address on Monday, warning that the Middle East war is expected to be prolonged. "We can safely and swiftly exit the tunnel of crisis when we save every single drop of oil and do not waste even one plastic bag," Lee said, stressing that "the united strength of the people is needed." During the approximately 16-minute address, the president mentioned "crisis" 28 times and "economy" 18 times, appealing for the urgency of passing the supplementary budget.
In his address on the 2026 supplementary budget at the National Assembly, Lee emphasized his resolve "not to miss the golden time for economic recovery." He noted that the economy had a chance to take off thanks to the KOSPI breaching 5,000 and strong performances by companies in the semiconductor and shipbuilding sectors, but diagnosed that the Middle East war has put the country "in an unexpected compound crisis." He also stated that his administration is "preemptively responding by thoroughly examining the impact on the overall economy and people's daily lives, keeping the worst-case scenarios in mind."
Lee outlined the 26.2 trillion won ($19.3 billion) supplementary budget in four categories: a 10 trillion won three-part package for high oil price burden relief, 2.8 trillion won for livelihood stabilization, 2.6 trillion won for supply chain stability, and 9.5 trillion won for regional investment funding. On the "high oil price relief payments," which drew the most attention, Lee said the government would "provide differentiated support of 100,000 to 200,000 won to approximately 36 million citizens in the bottom 70% income bracket," adding that "the payments will be distributed as local currency to contribute to stimulating the economy."
For livelihood stabilization, he proposed "doubling the number of 'Geunyang Dream Centers' that provide free basic food and daily necessities, so that people do not resort to extreme choices or turn to crime because they have nothing to eat." On securing key resources, he pledged to "invest 700 billion won to secure a stable supply base for oil and other resources," promising to "build a robust supply chain by expanding naphtha procurement — the 'rice' of the petrochemical industry — and oil stockpile support."
Lee mentioned "crisis" 28 times during the address. This is interpreted as highlighting that economic uncertainty caused by the Middle East war is directly impacting vulnerable groups. He also mentioned "economy" 18 times, "people" 17 times, and "energy" nine times, calling for public participation in energy conservation to overcome the Middle East-driven energy crisis.
The ruling and opposition parties showed starkly different attitudes toward the president's visit to the National Assembly. Lawmakers from the ruling Democratic Party of Korea arrived at the chamber before People Power Party members to greet the president. As Lee entered the main chamber, Democratic Party lawmakers lined up along both sides of the aisle, smiling and shaking hands with him. They applauded nine times during the address. Some lawmakers even took selfies with the president in the background.
After the address, Lee met with a delegation of U.S. senators and said South Korea aims "not only to increase military spending but also to reduce the U.S. burden by reclaiming wartime operational control, with the idea that we should at least protect the safety and peace of Northeast Asia on our own in the vicinity of the Korean Peninsula." The U.S. delegation included Republican Senators Tom Tillis and John Curtis, Democratic Senators Jeanne Shaheen and Jacky Rosen, and James Heller, Chargé d'Affaires at the U.S. Embassy in Seoul.
During the meeting, Lee and the U.S. senators also exchanged views on the U.S.-South Korea alliance, Korean Peninsula issues, and the repercussions of the Middle East war, according to sources. Lee also asked the senators for active Senate support to advance cooperation on this year's investment package for the U.S., peaceful use of nuclear energy, nuclear-powered submarines, and shipbuilding.