Ruling party passes $11.6 billion extra budget bill

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The ruling Democratic Party of Korea (DPK) unilaterally passed a 14 trillion-won ($11.6 billion) extra budget bill, aimed at supporting small businesses hit by COVID-19 curbs, through a National Assembly budget committee early Saturday morning.

The passage drew an angry reaction from the main opposition People's Power Party (PPP), which has called on the government to draft a far bigger spending plan.

DPK members of the National Assembly Special Committee on Budget and Accounts occupied the committee's meeting room Friday afternoon.

They convened a session at 2:08 a.m. Saturday and passed the government-proposed budget bill four minutes later.

The party controls 30 of the 50 seats on the special committee.

The DPK plans to convene a plenary session of the Assembly to pass the measure as early as next Monday, while at the same time seeking to increase the spending package to more than 16 trillion won.

On Friday, President Moon Jae-in called for swift approval of the bill, citing the "desperate" hardship facing small merchants hit by the prolonged antivirus restrictions.

Moon's remark came amid a tug-of-war between Finance Minister Hong Nam-ki and political parties that demand bigger spending from the government.

The DPK and the PPP have called for supplementary budgets totaling 35 trillion won and 50 trillion won, respectively. Hong has been opposing a large expansion of the extra budget, considering its impact on consumer prices and the state bond market.

The ruling party has intensified pressure on the PPP for the approval of the extra budget bill, threatening to pass it unilaterally next week if they fail to reach an agreement by Monday. (Yonhap)