President Lee to Deliver Policy Speech Today, Outlining Record 821 Trillion Won Budget

[Anchor]

President Lee Jae-myung will deliver a budget address today (November 2) outlining next year's government budget proposal, the largest in history. The National Assembly is also set to begin its full-scale review of the budget bill.

Reporter Ha Jeongyeon has our first report today.

[Reporter]

President Lee Jae-myung will deliver a policy speech today to personally outline next year's budget proposal, the largest ever.

The government's budget proposal submitted to the National Assembly stands at 820.9 trillion won, up 93 trillion won from this year's main budget.

During the policy address, President Lee is expected to explain the direction of this budget plan and call for the National Assembly's cooperation.

Next year's budget bill includes targeted investments in five key areas, including three mega-projects, expanding future growth engines, and step-by-step support for youth development.

The Democratic Party plans to support active fiscal policy in line with the government's stance of addressing both economic growth and public livelihoods, while the People Power Party is poised to slash a total of 134 trillion won, pledging to block populist spending.

The biggest point of contention is the creation of a 160 trillion won Future Response Fund utilizing surplus tax revenues from sectors such as semiconductors.

While the Democratic Party insists on keeping the original plan intact, calling it an investment in the future, the People Power Party is opposing it, arguing that repaying the national debt must come first, making a clash appear inevitable.

The National Assembly will begin its full-fledged review of the budget bill this week, starting with comprehensive policy questioning by the Special Committee on Budget and Accounts.

The statutory deadline for passing next year's budget is December 2. However, with pending political issues piling up—including a parliamentary investigation into Supreme Court Chief Justice Cho Hee-dae and a special counsel probe into alleged fabricated indictments—passing the budget within the deadline is expected to be difficult.
※ Please note: This article was translated by AI and may contain errors.