Par­ties reach deal on bud­get bill

The Korea Times - - NATIONAL - (Yon­hap)

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.

Newspapers in English

Newspapers from Korea, Republic

© PressReader. All rights reserved.