[News Today] PARTIES CLASH OVER 2025 BUDGET

[LEAD]
The National Assembly starts reviewing next year's government budget this week, which amounts to 677 trillion won. That's around 490 billion U.S. dollars. The ruling party targets cuts in 'Lee Jae-myung's policy budget,' and the opposition aims to reduce spending linked to President Yoon and the first lady.

[REPORT]
The National Assembly is to begin budget reviews for each parliamentary committee on Wednesday and convene a general meeting of the Special Committee on Budget and Accounts on Thursday and Friday to discuss the matter.

The government has allocated 677.4 trillion won, or around 490 billion dollars, for 2025, a 3.2% increase from this year.

The ruling PPP is expected to defend the government's decision to keep the national budget tight as an inevitable measure to ensure fiscal soundness.

It also plans to push for budget increase for projects related to semiconductors and regional balance development while preventing budget expansion for Lee Jae-myung's policies such as issuing more regional currencies.

Kim Sang-hoon / Chief policymaker, PPP (Oct. 29)
The additional issuance of regional currencies is Lee Jae-myung's typical populism policy that has no effect in boosting the economy.

The DP, for its part, aims to slash the budget related to President Yoon and the first lady.

The budget related to Kim Keon-hee includes funding for mental health counselling, which is expected to cost 790 billion won, or about 572 million dollars, and for eradicating dog meat consumption, a project estimated at 350 billion won, or about 254 million dollars.

The DP has also warned it would cut funding for special operation and business expenses used by authorities including prosecutors.

Han Jun-ho / Supreme Council member, DP (Oct. 30)
We‘ll cut the budget for first lady projects, prosecutors' special operation expenses, will earmark it instead for regional currencies and free high school education.

The DP plans to push for a vote on a special counsel probe into the first lady at the parliamentary plenary session on Nov. 14.

The PPP is planning an offensive on the opposition after the first verdict is issued on DP Chair Lee Jae-myung later this month.

Many are worried that if the political strife becomes prolonged, the budget bill may not be passed by the legal deadline this year as well.