Next year’s budget bill, the first submitted by the Yoon Suk Yeol administration, will miss its midnight deadline in parliament amid a clash between the two main rival parties. 

National Assembly Speaker Kim Jin-pyo apologized in a press statement on behalf of the parliament that failed to review and pass the bill for the 2023 budget within Friday. The speaker added that he will convene plenary sessions on Thursday and Friday of next week to pass the bill.

The announcement comes after the ruling People Power Party(PPP) and main opposition Democratic Party(DP) failed to reach an agreement on an agenda before the Friday deadline.

Kim called on the two parties to put their rivalry aside to focus primarily on the budget amid a global economic crisis, inflation, high interest and a slowdown in exports. He pledged to do his best to mediate between the two sides and find a solution that will satisfy the public.

He then called on parliament to pass the budget within the current regular session set to run through December 9.

Earlier in the week, rival parties clashed over the agenda for the plenary session this week, with the DP demanding that a vote be held on its motion to dismiss interior minister Lee Sang-min for his handling of the Itaewon crowd crush.

The PPP urged the opposition to pass the budget rather than insisting on the political distraction created by the DP’s motion.