ⓒYONHAP News

President Yoon Suk Yeol called for bipartisan cooperation to deal with threats from North Korea and worsening economic conditions at home and abroad. While explaining his administration's first budget proposal in a parliamentary speech, Yoon urged lawmakers to swiftly pass the 639 trillion won budget. However, the National Assembly Chamber was half-empty throughout the speech as the main opposition staged a boycott amid ongoing investigations.

Kim Bum-soo wrapped up the speech and the opposition's reaction.

President Yoon Suk Yeol has pressed the opposition-dominated National Assembly to work with his administration to ride out current economic and security concerns.

Yoon on Tuesday delivered a speech to parliament, saying that its support is absolutely necessary.

[President Yoon Suk Yeol (Korean-English)]

"Furthermore, North Korea has publicly declared its right to preemptive nuclear strikes and is also assessed to have already finished preparations for a seventh nuclear test." 

"There should be no ruling and opposition parties in the face of grave economic and security situations. The cooperation of the parliament is absolutely necessary."

The president said that rising prices, high interest rates and the stronger U.S. dollar are hurting the economy, making the lives of low-income citizens worse.

While explaining the administration’s 639 trillion won, or 444 billion U.S. dollar, budget for the fiscal year 2023, he said that the government will have to rein in its expenditure.

[President Yoon Suk Yeol (Korean-English)]

"Due to lax fiscal spending with a political agenda, the government's fiscal deficit has rapidly increased and the national debt has already surpassed a quadrillion won, which is half of our GDP."

"The public sector has already tightened its belt and the financial resources saved by that will be spent on protecting the working class and the socially vulnerable, as well as assisting in the transition to a private-sector driven economy, public safety and the fulfillment of the responsibilities of South Korea as a global leader."

[Democratic Party protest outside Parliamentary Chamber]

But bipartisan cooperation is highly unlikely at this point. In an unprecedented move, main opposition Democratic Party lawmakers boycotted Yoon's speech in protest of the prosecution’s investigation closing in on party chairman Lee Jae-myung. 

The prosecution last week arrested the opposition chief’s right-hand man on charges of receiving illicit political funds for Lee's campaign in the presidential election held earlier this year. Investigators on Monday raided a party-affiliated think tank located within the Democratic Party headquarters despite fierce opposition.