Ending weeks of partisan wrangling, the ruling and opposition parties yesterday approved next year's government budget after slashing 800 billion won from the originally-requested 101.3 trillion won.

The agreement, which was made during a meeting of floor leaders from the rival parties, came just a week before a new fiscal budget year begins Jan. 1.

With the parties pulling off an eleventh-hour compromise, the National Assembly is expected to pass the budget bill amounting to 100.23 trillion won at a plenary session.

This budget slash amount is the largest reduction since 1993. The National Assembly cut 432 billion won when it deliberated this year's budget last December.

The main opposition Grand National Party (GNP) had demanded that at least 1 trillion won be retrenched. GNP lawmakers had said there would not be enough tax money next year to carry out all the government's projects because of economic difficulties.

But the ruling Millennium Democratic Party (MDP) had refused the demand, saying it could not accept more than 400 billion won cut from the government-proposed budget bill.

The prime minister and some cabinet members have been under fire from the public for their lavish spending of a budget for their meals and other events.