president-2027 budget

SEOUL, Nov. 2 (Yonhap) -- President Lee Jae Myung was set to address the National Assembly on Monday, a rare event where he is widely expected to call for bipartisan support for the passage of the 2027 budget bill.

The government submitted the budget bill to the National Assembly in September, proposing 820.9 trillion won (US$614.5 billion) in total government spending next year, up more than 10 percent from this year, amid expectations of increased tax revenue stemming from a semiconductor boom.

During the speech, the president is expected to highlight the need for aggressive spending on stabilizing people's livelihoods, nurturing future growth engine industries and promoting balanced regional development while calling for parliamentary support for the budget's passage.

Under the largest-ever budget bill, the government plans to establish the 160 trillion-won Future Fund aimed at supporting younger generations, promoting economic growth engines and boosting regional development.

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