Assembly committee approves $9.75B supplementary budget for consumption initiative

The National Assembly's Public Administration and Security Committee approved a supplementary budget bill totaling 13.2 trillion won ($9.75 billion) for the issuance of livelihood recovery consumption vouchers with bipartisan agreement.

The National Assembly’s Public Administration and Security Committee holds a meeting in Yeouido, western Seoul, on April 28. [NEWS1]

The National Assembly's Public Administration and Security Committee convened a plenary session on Tuesday and approved a supplementary budget bill totaling 13.2 trillion won ($9.75 billion) for the issuance of livelihood recovery consumption vouchers with bipartisan agreement.

The committee passed the Ministry of the Interior and Safety's 2025 supplementary budget, which includes an increase of around 2.91 trillion won.

Initially, it was proposed that the central government would cover 10.3 trillion won and 2.9 trillion won would come from local governments for the consumption coupon program.

However, the committee removed the provision requiring local governments to share the cost, resulting in the central government providing the full 13.2 trillion won. This adjustment led to a 2.9 trillion won increase in the supplementary budget.

"We have included an additional opinion that the Ministry of the Interior and Safety should promptly allocate national funds for the consumption coupons to local governments, ensuring timely execution of the budget,” said liberal Democratic Party Rep. Wi Seong-gon, who chairs the committee's budget and settlement review subcommittee.

Mangwon Market in Mapo District, western Seoul, is bustling with shoppers on the afternoon of June 19. [NEWS1]

"With the new administration in place and considering our limited number of parliamentary seats, we are cooperating procedurally rather than reaching a consensus,” said conservative People Power Party Rep. Park Soo-min before the vote. "If I were the president, I would not allocate a 10 trillion won budget for consumption coupons by increasing national debt."

"We clearly oppose this measure,” said Park. “Even if 10 trillion won in national debt is used to distribute consumption coupons, the effect on boosting consumption will be short-lived."

The supplementary budget also includes additional allocations of 5.66 billion won for public emergency job support in areas affected by wildfires and 3.12 billion won for the establishment of a national trauma treatment center for victims of state violence.

The supplementary budget bill will undergo final review and approval by the National Assembly's Special Committee on Budget and Accounts.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff. BY JEONG HYE-JEONG [kim.minyoung5@joongang.co.kr]