President Yoon Suk Yeol took full responsibility for the government's budget plan for next year in a town hall meeting on Wednesday.

Presiding over an economy and livelihood meeting with some 60 citizens on Wednesday, Yoon said the gathering reminded him of his original intention when running for office after hearing about the difficulties experienced by the nation's self-employed.

The president said that while the government’s most fundamental duties are to maintain public safety and resolve society’s difficulties, it is not easy to devise a resolution that reconciles with the reality of budget limitations.

He criticized beneficiaries of state funds who will stop at nothing to resist attempts to adjust the budget in favor of those in actual need, noting that some go as far as demanding his resignation.

The critique appeared to be a reference to recent rebukes of the administration over cuts in state research and development support in next year's budget plan, as well as restructuring that generated 23 trillion won, or around 17 billion U.S. dollars, to be reallocated.

Stressing that increasing state finances would aggravate burden of inflation on the public, Yoon stood by his administration's financial philosophy based on fiscal soundness and said he would conduct politics for the people, not for elections.