Lee urges swift passage of Supplementary Budget Plan

South Korean President Lee Jae-myung called for swift bipartisan approval of a supplementary budget during a speech at the National Assembly on Thursday, 22 days after taking office. Quoting the phrase “Timing is everything,” he urged lawmakers to act quickly to revive the struggling economy.

“In a time of economic crisis, it is irresponsible for the government to sit on its hands and cling to austerity,” Lee said. He emphasized the urgency of passing the 30.5 trillion won proposal, which includes universal coupons to stimulate consumption and debt relief for small businesses. With the economy contracting by 0.2 percent in the first quarter, he said cross-party cooperation is essential.

Unlike previous presidential appearances, there were no placards or jeering from opposition lawmakers. After his speech, Lee approached members of the main opposition People Power Party, shaking hands with about 40 of them in a display of mutual respect.

Still, the budget faces obstacles. The PPP criticized the universal coupons as a populist “gratuity for election victory using taxpayer money,” despite having proposed a 30 trillion won budget during the campaign, also stressing the importance of timing.

Lee has asked the opposition to suggest additions to the plan, opening the door to negotiations. The first hurdle is the ongoing standoff over five standing committee chair positions, including the budget and judiciary committees. The ruling party has signaled it may proceed with naming committee leaders as early as today, a move that could heighten tensions and affect the bill’s passage.

With growth projected to remain under 1 percent and weakness in exports, domestic demand, and investment, the supplementary budget is widely seen as necessary. The ruling party should avoid unilateral action and accept reasonable opposition input, while the opposition must look beyond minor disputes and prioritize economic recovery. Leaders on both sides should put differences aside and demonstrate the political will to act when the timing matters most.


윤다빈 기자 empty@donga.com