The ruling and opposition parties have agreed to pass next year’s 728-trillion-won budget on Tuesday, the legal deadline for approval.

Ruling Democratic Party floor leader Kim Byung-kee and main opposition People Power Party floor leader Song Eon-seog reached a last-minute deal on Tuesday morning to pass the bill through the National Assembly in the afternoon. 

The two sides agreed to cut four-point-three trillion won from the government-proposed budget, which will serve as a pool to fund any further increases.

Funding for government initiatives, including gift certificate programs, was not reduced, but allocations for AI, policy and reserve funds were partially cut.

Additional funds were earmarked for the National Information Resources Service’s disaster recovery system, distributed power grids, AI mobility projects, national scholarships and veterans’ allowances.

The rival parties plan to hold a plenary parliamentary session in the afternoon to pass the budget along with related bills.