South Korea's parliamentary speaker and rival political parties began last-ditch negotiations on next year's budget and fast-tracked reform bills.

National Assembly Speaker Moon Hee-sang and the floor leaders of the ruling Democratic Party(DP), the main opposition Liberty Korea Party(LKP) and the minor opposition Bareunmirae Party began discussions just after 1:30 p.m.

After an agreement on Monday to normalize parliament fell through during a budget review, the DP plans to put the budget bill, which has the support of minor opposition parties, to a vote at a plenary session on Tuesday with or without the LKP.

However, the controversial electoral and prosecutorial reform bills on the fast-track are expected to be put to a vote at an extraordinary session starting on Wednesday over strong LKP objections.

The main opposition, for its part, is exploring ways to block the passage of the budget, including a filibuster, should final negotiations with the DP end without a deal.