ID :
33209
Sun, 11/30/2008 - 22:25
Auther :
Shortlink :
http://m.oananews.org//node/33209
The shortlink copeid
Parliament increases 2009 budget by 10 tln won
SEOUL, Nov. 30 (Yonhap) -- Next year's national budget has been increased by roughly 10 trillion won (US$6.8 billion) by parliamentary committees amid calls by both the ruling and opposition parties for sound fiscal spending, legislative sources said Sunday.
The tally is from 13 committees that reviewed plans forwarded by the government
and excludes those from the intelligence, finance and education-science
committees.
On Sept. 30, the government announced a 273.8 trillion won budget plan, up 6.5
percent from this year.
"There were no committees that reduced or cut the government's spending plan for
2009," an official at the National Assembly said.
This contradicts vows made by all parties to cut spending to ensure the financial
health of the country and to prevent incurring more debt that translates into a
greater burden for taxpayers down the road.
By committee, the government administration committee bolstered its budget by 4.9
trillion won to make up for the reduction in taxes collected for excessive real
estate holdings that would have gone to regional governments.
This was followed by hikes totaling 1.8 trillion won by the land and transport
committee that said more funds are needed to build social overhead capital
infrastructure projects, including new roads, railways and ports.
The national policy committee approved 880 billion won more in funds to help
various state-run financial institutions and insurers extend more loans to
small-sized companies, with lawmakers from the health and welfare committee
calling for 614 trillion won more to expand medicare coverage.
Lawmakers from other committees also asked for 200-300 billion more in state
spending to cover various projects.
Parliamentary insiders, meanwhile, said that delays in a compromise between the
ruling Grand National Party (GNP) and opposition parties have made it effectively
impossible to pass the budget bill by Tuesday.
Under South Korean law, the annual budget must be passed 30 days before the
fiscal new year. Lawmakers have met the deadline only five times since 1990.
The GNP vowed that it will push forward the budget plan by Dec. 9, even if it
does not reach a compromise with the opposition parties. The main opposition
Democratic Party countered that there is no real problem with implementation, as
long as the plan is passed before Dec. 25.
yonngong@yna.co.kr
(END)
The tally is from 13 committees that reviewed plans forwarded by the government
and excludes those from the intelligence, finance and education-science
committees.
On Sept. 30, the government announced a 273.8 trillion won budget plan, up 6.5
percent from this year.
"There were no committees that reduced or cut the government's spending plan for
2009," an official at the National Assembly said.
This contradicts vows made by all parties to cut spending to ensure the financial
health of the country and to prevent incurring more debt that translates into a
greater burden for taxpayers down the road.
By committee, the government administration committee bolstered its budget by 4.9
trillion won to make up for the reduction in taxes collected for excessive real
estate holdings that would have gone to regional governments.
This was followed by hikes totaling 1.8 trillion won by the land and transport
committee that said more funds are needed to build social overhead capital
infrastructure projects, including new roads, railways and ports.
The national policy committee approved 880 billion won more in funds to help
various state-run financial institutions and insurers extend more loans to
small-sized companies, with lawmakers from the health and welfare committee
calling for 614 trillion won more to expand medicare coverage.
Lawmakers from other committees also asked for 200-300 billion more in state
spending to cover various projects.
Parliamentary insiders, meanwhile, said that delays in a compromise between the
ruling Grand National Party (GNP) and opposition parties have made it effectively
impossible to pass the budget bill by Tuesday.
Under South Korean law, the annual budget must be passed 30 days before the
fiscal new year. Lawmakers have met the deadline only five times since 1990.
The GNP vowed that it will push forward the budget plan by Dec. 9, even if it
does not reach a compromise with the opposition parties. The main opposition
Democratic Party countered that there is no real problem with implementation, as
long as the plan is passed before Dec. 25.
yonngong@yna.co.kr
(END)
