Rival parties' floor leaders and the finance ministry have entered last minute negotiations with the deadline to approve next year's budget fast approaching. 

Ruling Democratic Party floor leader Yun Ho-jung, his main opposition People Power Party counterpart Kim Gi-hyeon and finance minister Hong Nam-ki met at the National Assembly at 2 p.m. Wednesday for budget talks, with just one day left to the legal deadline.

Marathon discussions are expected to produce a revised bill.

Before entering the conference room, PPP's Kim and deputy floor leader Choo Kyung-ho said that talks may be long, possibly passing midnight.

The DP wants to increase the budget for issuing local currencies and loan assistance and compensation checks for small businesses.

The PPP is against allocating more funds for local currencies but supports expanding direct aid to small business owners.

The finance ministry believes the proposed hikes by both parties are too large and seeks a realistic compromise.