Record-High 821 Trillion Won Budget: "A Great Transition to Growth for All"

[Anchor]

President Lee Jae-myung delivered a policy speech at the National Assembly today (November 2), calling for the passage of next year's budget proposal, a record-breaking 821 trillion won. He emphasized the need for a major transition to "growth for all," where the fruits of growth are shared equally by all citizens.

First, reporter Ha Jeong-yeon reports.

[Reporter]

Regarding next year's government budget bill, which was submitted to the National Assembly at a record 820.9 trillion won, President Lee Jae-myung explained as follows:

[President Lee Jae-myung: "Our economy is moving beyond the stage of quantitative growth and entering a new dimension. South Korea's state affairs and our national budget must match that."]

He stated that while the economy is showing a V-shaped recovery, the shadows of inequality and polarization remain, necessitating a new growth formula.

[President Lee Jae-myung: "We must make a great transition to 'growth for all,' where all regions and all citizens evenly share the opportunities and fruits of growth."]

As the first step, he proposed three major livelihood projects: jobs, financial support for low-income households, and housing stability policies.

He also said investments will be strengthened in AI and future growth engines, as well as in building a safer nation.

During his explanation of the future response fund, considered the biggest issue in this budget, protests also erupted from the opposition.

[President Lee Jae-myung: "Yes, please say what you have to say, and then I will finish. (Why issue new government bonds when there is excess tax revenue?)"]

The government maintains that excess tax revenue from semiconductors and other sectors should be managed as a fund to rebound the potential growth rate and ensure fiscal stability, but the People Power Party opposes it, arguing that paying down the national debt comes first.

President Lee urged the passage of the budget proposal by December 2, the statutory deadline, saying execution and speed are key.

However, with the People Power Party defining this budget proposal as a "declaration of plundering the future," passing it within the deadline is expected to be difficult.

(Video by Kim Yong-woo | Video Editing by Lee Seung-hee)
※ Please note: This article was translated by AI and may contain errors.