The National Assembly’s Special Committee on Budget and Accounts on Monday began its full-scale review of next year’s government budget worth 657 trillion won, or over 496 billion U.S. dollars.
With the start of the inspection, rival parties continue to clash over the designation for funds, with the government’s plan to massively slash the research and development sector at the forefront.
The ruling People Power Party said that adjustments would be made while reinforcing the budget to ensure that spending is directed to the most essential areas.
The main opposition Democratic Party, however, criticized the budget cuts, saying that the slashed funds will make people’s lives more difficult and even eliminate future growth engines.
With the legal deadline set for December 2, there is little expectation that the rival parties will bridge their differences, with another clash possible over the main opposition’s likely filing of another motion to impeach Korea Communications Commission chairman Lee Dong-kwan.