The ruling Democratic Party of Korea on Friday said it would pass a supplementary budget bill for universal cash handouts in the absence of the opposition, the People Power Party.
The Democratic Party's floor leader, Rep. Kim Byung-kee, said that his party, which has 56 percent of the National Assembly's seats, could no longer delay passing the supplementary budget bill of 31 trillion won to "support the government's efforts to revive the economy."
The People Power Party opposed the supplementary budget, which includes distributing direct payments of up to 520,000 won in the form of digital vouchers to every South Korean.
The People Power Party said the supplementary budget proposed by the ruling party and President Lee Jae Myung's administration could hurt fiscal sustainability and lead to greater debt.
Explaining his cash handout policy, President Lee said in his press briefing Thursday that for struggling families, the extra income could give them an opportunity to eat out.
"We are one of the world's top 10 economies. I hope people don't have to worry about what to eat," Lee said.
Lee also said universal cash handouts proved effective as an economic stimulus policy during the COVID-19 pandemic.
arin@heraldcorp.com
