Parties reach deal on budget bill
The ruling and main opposition parties on Thursday reached an agreement to pass a revised bill on the government’s 2019 budget despite opposition from minor parties.
The governing Democratic Party (DP) and the main opposition Liberty Korea Party (LKP) agreed to cut more than 5 trillion won from the government’s record 470.5 trillion-won ($426.6 billion) budget bill.
Major bones of contention in the original budget bill were an expected 4 trillion-won shortfall in tax revenue that stemmed from tax cuts and the budget set aside for inter-Korean projects and job creation.
Under the agreement, they agreed to cut some spending on job creation and inter-Korean cooperation projects and reduce the number of newly hired public servants by some 3,000.