What did the DPK and PPP say about Lee Jae Myung’s budget speech?

The DPK praised the speech’s vision of reducing inequality and polarization and said it would work to pass the budget by the legal deadline. The PPP argued that Lee had ignored key concerns, including North Korea, the economy and the South Korea-U.S. alliance, and called the proposal fiscally reckless.

Why did the PPP criticize Lee Jae Myung’s budget speech?

PPP leader Jang Dong-hyeok said Lee did not address real estate, the stock market, farmland, North Korea, the South Korea-U.S. alliance, public safety or judicial issues. The party also objected to what it described as a budget that disregards national debt and threatens the country’s future.

How large is Lee Jae Myung’s proposed budget for next year, and what does it prioritize?

The proposal totals 820.9 trillion won, or $614.5 billion, and includes bold investment in artificial intelligence and other future growth engine industries. Lee called for bipartisan support, while the DPK said the plan seeks to reduce inequality and polarization and help regions prosper together.

DPK welcomes Lee's budget speech; PPP slams failure to address N. Korea, economic woes

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Summary

The Democratic Party of Korea (DPK) welcomed President Lee Jae Myung’s budget speech at the National Assembly on Monday, while the People Power Party (PPP) criticized it for omitting North Korea’s threats and economic concerns. The PPP also condemned the proposed budget as fiscally reckless, while the DPK pledged to pass it by the Dec. 2 deadline. Lee called for bipartisan support for a record 820.9 trillion won budget for next year, including investment in artificial intelligence and other future growth industries.

Key Facts

The proposed budget is 12.8 percent higher than this year’s, the highest growth rate on record.
PPP leader Jang Dong-hyeok said Lee did not mention real estate, the stock market, farmland, the South Korea-U.S. alliance, public safety or judicial issues.
Lee pledged to secure key military capabilities needed for the early transfer of wartime operational control from the United States.
DPK chief spokesperson Park Sung-joon said the proposal aims to reduce inequality and polarization and support prosperity across Seoul, the greater Seoul area and other regions.
DPK leader Kim Min-seok said the benefits of economic growth should be shared by all.

By Yonhap

Published Nov 2, 2026 3:04 pm KST
Updated Nov 2, 2026 4:06 pm KST

President Lee Jae Myung addresses the National Assembly in Seoul, Monday, calling for bipartisan support for the passage of the 2027 budget bill. Yonhap

The ruling Democratic Party of Korea (DPK) on Monday welcomed President Lee Jae Myung's budget speech, while the main opposition People Power Party (PPP) criticized him for failing to address North Korea's threats and economic concerns.

PPP lawmakers also staged a rally at the National Assembly ahead of Lee's speech on next year's budget proposal, condemning what they called a budget that disregards national debt and destroys the country's future.

"President Lee came, said only what he wanted to say and left," PPP leader Jang Dong-hyeok wrote on Facebook.

"He made no mention of real estate, the stock market or farmland, nor did he mention North Korea, the South Korea-U.S. alliance, public safety or judicial issues," Rep. Jang said.

While Lee pledged to secure key military capabilities needed for the early transfer of wartime operational control (OPCON) from the United States, he did not directly mention the alliance or inter-Korean ties in his speech.

Lawmakers of the main opposition People Power Party stage a rally protest at the National Assembly in Seoul as President Lee Jae Myung arrives to deliver his budget speech, Monday. Yonhap

PPP chief spokesperson Park Sung-hoon also called the speech "the height of fiscal recklessness" and a declaration seeking to "drain the nation's coffers."

"President Lee's parliamentary speech was not a blueprint for restoring people's livelihoods but an irresponsible declaration of financial gambling that puts the future of South Korea at stake," Rep. Park said in a commentary.

Meanwhile, the ruling party welcomed Lee's speech, vowing to pass the budget proposal by the Dec. 2 deadline.

"The budget proposal aims to remove the shadows of inequality and polarization, and build a country where Seoul, the greater Seoul area and other regions can prosper together," DPK chief spokesperson Park Sung-joon said in a briefing. "We will do our utmost to ensure that the budget will be passed within the legal deadline so that it can be executed promptly."

On his social media, DPK leader Kim Min-seok hailed the speech for presenting an "ambitious vision" of transforming South Korea into an "irreplaceable" global leader, stressing the need to ensure that the benefits of economic growth are shared by all.

"As the president emphasized, we must make every effort to overcome inequality and polarization," Kim wrote on X.

During his speech, Lee pledged bold investment in artificial intelligence (AI) and other future growth engine industries, calling for bipartisan support for the government's proposed record budget of 820.9 trillion won ($614.5 billion) for next year.

The proposed amount marks a 12.8 percent increase from this year's budget, the highest growth rate on record.

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