parties-budget speech

SEOUL, Nov. 2 (Yonhap) -- The main opposition People Power Party (PPP) on Monday criticized President Lee Jae Myung's budget speech for failing to address North Korea's threats and economic concerns, while accusing his administration of excessive spending.

PPP lawmakers staged a rally at the National Assembly ahead of Lee's speech on next year's budget proposal, condemning what they called a budget that disregards national debt and destroys the country's future.

"President Lee came, said only what he wanted to say and left," PPP leader Jang Dong-hyeok wrote on Facebook.

"He made no mention of real estate, the stock market or farmland, nor did he mention North Korea, the South Korea-U.S. alliance, public safety or judicial issues," Rep. Jang said.

While Lee pledged to secure key military capabilities needed for the early transfer of wartime operational control (OPCON) from the United States, he did not directly mention the alliance or inter-Korean ties in his speech.

PPP chief spokesperson Park Sung-hoon also called the speech "the height of fiscal recklessness" and a declaration seeking to "drain the nation's coffers."

"President Lee's parliamentary speech was not a blueprint for restoring people's livelihoods but an irresponsible declaration of financial gambling that puts the future of South Korea at stake," Rep. Park said in a commentary.

During his speech, Lee pledged bold investment in artificial intelligence (AI) and other future growth engine industries, calling for bipartisan support for the government's proposed record budget of 820.9 trillion won (US$614.5 billion) for next year.

The proposed amount marks a 12.8 percent increase from this year's budget, the highest growth rate on record.

(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]