ID :
34130
Fri, 12/05/2008 - 19:46
Auther :
Shortlink :
https://oananews.org//node/34130
The shortlink copeid
Parties reach agreement on next year's budget
SEOUL, Dec. 5 (Yonhap) -- Rival parties on Friday salvaged a last minute
compromise on next year's budget, ending a dispute that has clouded the remaining
days of parliament's regular session.
"Parties have agreed to settle the budget bill" on Dec. 12, main opposition party
spokesman Cho Jeong-sik told reporters.
Passage of next year's spending plan is the National Assembly's foremost task as
it will determine new measures on supporting low-income households and various
tax cuts. Parliament has already missed the Dec. 2 deadline amid the partisan
row.
Demanding changes in the scope of proposed tax cuts and expenditures, the main
opposition Democratic Party (DP) has since Monday refused to attend the budget
review sessions. It went further by announcing it would abstain from all
remaining parliamentary sessions, a retaliatory move against the ruling Grand
National Party's (GNP) attempt to pass the budget alone.
Floor leaders of three parliamentary negotiating groups held lengthy talks
beginning Thursday over when to ratify the 283 trillion won (US$193 billion)
spending plan, which critics here say needs adjustments to bolster the slowing
economy.
Talks almost fell through as the liberal DP demanded at least ten more days to
thoroughly review the budget and make the necessary changes, but floor leaders
finally reached an agreement to pass the bill on Dec. 12, three days after the
close of the regular Assembly session.
South Korea's spending plan for next year calls for sizable tax cuts and assumes
an annual economic growth of 4 percent, far above analysts' estimate of about 2
percent.
The South Korean parliament has passed the budget bill in the last week of
December every year since 2003.
Parties are likely to open an extraordinary session after Dec. 9, when their
official break begins, but many bills will still be unsettled by year's end.
Nearly 2,000 bills, including the new year's budget, have been sitting untouched
in the Assembly amid the partisan feud.
hayney@yna.co.kr
(END)
compromise on next year's budget, ending a dispute that has clouded the remaining
days of parliament's regular session.
"Parties have agreed to settle the budget bill" on Dec. 12, main opposition party
spokesman Cho Jeong-sik told reporters.
Passage of next year's spending plan is the National Assembly's foremost task as
it will determine new measures on supporting low-income households and various
tax cuts. Parliament has already missed the Dec. 2 deadline amid the partisan
row.
Demanding changes in the scope of proposed tax cuts and expenditures, the main
opposition Democratic Party (DP) has since Monday refused to attend the budget
review sessions. It went further by announcing it would abstain from all
remaining parliamentary sessions, a retaliatory move against the ruling Grand
National Party's (GNP) attempt to pass the budget alone.
Floor leaders of three parliamentary negotiating groups held lengthy talks
beginning Thursday over when to ratify the 283 trillion won (US$193 billion)
spending plan, which critics here say needs adjustments to bolster the slowing
economy.
Talks almost fell through as the liberal DP demanded at least ten more days to
thoroughly review the budget and make the necessary changes, but floor leaders
finally reached an agreement to pass the bill on Dec. 12, three days after the
close of the regular Assembly session.
South Korea's spending plan for next year calls for sizable tax cuts and assumes
an annual economic growth of 4 percent, far above analysts' estimate of about 2
percent.
The South Korean parliament has passed the budget bill in the last week of
December every year since 2003.
Parties are likely to open an extraordinary session after Dec. 9, when their
official break begins, but many bills will still be unsettled by year's end.
Nearly 2,000 bills, including the new year's budget, have been sitting untouched
in the Assembly amid the partisan feud.
hayney@yna.co.kr
(END)
