[News Today] Budget Speech ‘No Time for Austerity’

[LEAD]
President Lee Jae Myung laid out the details and urgency of the supplementary budget at the National Assembly. Amid mounting economic challenges, he warned that doing nothing and sticking to austerity alone would amount to irresponsible neglect by the government.

[REPORT]
President Lee Jae Myung visited the National Assembly for his first budget speech since taking office.

He said the new government which launched without a transition team hurriedly drew up a supplementary budget because the economy is in a dire state.

Lee Jae Myung / President
The gov't sitting on its hands and insisting on austerity is irresponsible and negligent, tantamount to denying the very reason for the gov't existence.

He reiterated the 13 trillion won or some 9.6 billion dollars of consumption coupons, a key element of the extra budget bill designed to revive public livelihood, are aimed at facilitating domestic demand.

President Lee said the budget bill seeks to revitalize economic conditions, expand investment and spur the growth momentum while it also contains special measures to support small business owners and the socially vulnerable.

Lee Jae Myung / President
Only by opening the door to 'fair growth' that shares opportunities and outcomes, can we ease polarization, inequality and become a society where all thrive together.

The president said there can be no ruling or opposition party when it comes to the economy and public livelihood, a remark not included in the text of his speech.

Lee Jae Myung / President
Opposition lawmakers, if you have a budget item in need or to add, though you may likely focus on budget cuts, please offer your opinion at any time.

President Lee vowed to carry out policies based on pragmatism.

Lee Jae Myung / President
Whether it serves national interest or not should be the sole consideration, not whether it's liberal or conservative.

After the speech, he went over to the opposition lawmaker seats and shook hands with them one by one.

People Power Party lawmakers stood up and greeted him, showing due respect.

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