YOON ASKS COOPERATION IN BUDGET BILL

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In his parliamentary budget address, President Yoon pledged to increase spending for the socially vulnerable while maintaining the nation's financial soundness. He urged the National Assembly to pass the budget bill before the set deadline. However, the political standoff will likely intensify as the main opposition party has boycotted Yoon's first budget speech.

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President Yoon delivered his policy speech to parliament amid a boycott from the main opposition bloc. He outlined the 639 trillion won budget proposal to a half-empty National Assembly hall. Yoon first stressed the importance of financial soundness and criticized the past administrations.

[Soundbite] Yoon Suk-yeol(President) : "Loose financial management based on political goals eventually led to rapidly growing deficit and a nat’l debt of over KRW 1,000 tn."

He vowed to increase support for the socially vulnerable. Those include people with disabilities, single-parent households, and families living in semi-basement apartments.

[Soundbite] Yoon Suk-yeol(President) : "My administration will promote financial soundness and provide generous welfare support to the socially vulnerable."

The president pledged to expand spending on national defense as North Korea has finished preparations for a seventh nuclear test, and promised to improve the supply chain. He urged the rival parties to join hands as passing the budget bill requires cooperation from the National Assembly.

[Soundbite] Yoon Suk-yeol(President) : "I hope the nat’l assembly will pass the budget bill before the deadline to improve people’s livelihoods and promote future growth."

Yoon drew the spotlight during his speech by going off-script to mention the chief of the Board of Audit and Inspection as well as major constitutional institutions' chiefs. After his address, the president first shook hands with Transition Korea's Cho Jung-hoon and independent lawmaker Yang Hyang-ja. Lasting just 18 minutes and 28 seconds, it was possibly the shortest policy speech ever. The ruling and opposition parties showed contrasting responses. The PPP lauded the president for demonstrating his will to promote bi-partisan politics, whereas the DP blasted his speech as incompetent, ignorant and hollow. The Justice Party also criticized it as self-praise without substance.