Lee urges quick approval of supplementary budget

South Korean President Lee Jae-myung addressed the National Assembly on Thursday, 22 days after his inauguration, quoting the phrase “Timing is everything” to urge lawmakers to swiftly approve a supplementary budget. “In an economic crisis, it is irresponsible for the government to remain inactive and cling to austerity,” he said, emphasizing the need to pass the 30.5 trillion won plan designed to stimulate domestic spending through universal coupons and relieve small business debt.

South Korea recorded negative growth of 0.2 percent in the first quarter amid a severe economic slowdown, making bipartisan cooperation more essential than ever. Public attention focused on both President Lee’s speech and the opposition’s response.

Unlike previous presidential visits, there were no jeers or protests from opposition lawmakers during Lee’s address. Afterward, Lee approached members of the main opposition People Power Party. They stood and he shook hands with about 40 of them. The display of mutual respect was a positive change from past confrontations.

However, passing the supplementary budget bill remains uncertain. Immediately after the speech, the People Power Party criticized the universal coupons as a populist “gratuity for election victory using taxpayer money.” Yet, the party had pledged a 30 trillion won supplementary budget during the presidential campaign, also emphasizing that “timing is everything.” President Lee has invited the opposition to suggest additional items, making bipartisan negotiations crucial.

The first challenge is the ongoing standoff over the allocation of five standing committee chair positions in the National Assembly, including budget and judiciary committees responsible for reviewing the plan. With both parties deadlocked, the ruling party has indicated it may proceed with appointing some committee leaders, including the budget committee, as soon as today. This move is likely to heighten tensions and affect the bill’s passage.

With growth forecast below 1 percent and declines in exports, consumption, and investment, approving the supplementary budget is crucial to address the economic downturn. The ruling party should avoid unilateral moves and accommodate reasonable demands from the opposition. At the same time, the opposition must look past minor disputes and find common ground by recognizing the urgent need for the budget. There should be no partisan division when it comes to the economy and people’s livelihoods. Facing a national crisis, political leaders must set aside differences and show leadership to ensure timely approval of the supplementary budget.