Rival parties clashed for a second day at the National Assembly on Tuesday over a 30-point-five trillion won supplementary budget bill focused on boosting consumption and relieving small-business debt.
That’s about 22-point-five billion U.S. dollars.
During a session of the Special Committee on Budget and Accounts, ruling Democratic Party(DP) lawmaker Lee Kang-il defended the plan, saying it offers a lifeline to five-point-five million small-business owners still reeling from the pandemic, and stressed that their debt stems from systemic failures, not personal fault.
DP lawmaker Lee Jae-kwan said the budget would revive sagging consumer sentiment and bring tangible recovery to local economies.
But main opposition People Power Party(PPP) lawmaker Lim Jong-deuk criticized the plan for pushing the national debt to nearly one-point-three quadrillion won, arguing it burdens future generations for the sake of present popularity.
PPP lawmaker Jeong Jeom-sig also raised concerns over blanket debt relief, urging a closer review of whether the debts were business related.
The DP aims to pass the supplementary budget by July 4, the end of the current extraordinary session.