ⓒKBS News

The National Assembly on Saturday passed the Yoon Suk Yeol administration's first budget of some 639 trillion won for next year.

The bill passed in a plenary vote of 251 to 4 with 18 abstentions.

The final package of 638-point-seven trillion won is down by 300 billion won from the government proposal. 

Along with the budget, 19 other auxiliary bills were passed including tax amendments to lower the corporate tax rate by one percentage point for each tax bracket.

The passage comes 22 days after the legal deadline of December 2, making it the most delayed budget approval since the National Assembly Advancement Act took effect in 2014.

Acknowledging the delay, rival parties still stressed the significance of striking a bipartisan deal.

However the presidential office has expressed displeasure over the compromised budget. Its deputy spokesperson Lee Jae-myoung said Friday that the government hoped to invest more finances to revitalize the economy but the budget for people's livelihoods has been scaled back due to a push by the majority-holding opposition bloc.

The National Assembly revisions have decreased the national debt by 400 billion won from the government's initial budget proposal.

According to the budget passed on Saturday, national debt will top one-point-one quadrillion won for the first time next year after surpassing one quadrillion won this year.

The parliament has maintained the fiscal deficit level or the debt to GDP ratio at 49-point-eight percent as proposed by the government.