The National Assembly passed next year’s budget of 727‑point‑nine trillion won, or about 496 billion U.S. dollars, on Tuesday, meeting the legal deadline for the first time in five years after reaching a bipartisan deal.

Lawmakers approved the 2026 budget bill during a plenary session shortly before midnight, minutes ahead of the deadline.

The budget, the first full‑year plan under the Lee Jae Myung administration, came in 100 billion won lower than the government’s original proposal.

During the review, lawmakers cut nine‑point‑three trillion won and added nine‑point‑two trillion won to selected programs.

The final budget marks an eight‑point‑one percent increase from this year’s 673‑point‑three trillion won plan, drafted under former President Yoon Suk Yeol.