Will President Lee's Call for Bipartisan Cooperation Pass the 2026 Budget Plan?
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Synopsis
In a pivotal meeting, President Lee Jae Myung calls for bipartisan collaboration to ensure the timely passage of the 2026 budget plan. With proposed spending of 728 trillion won to boost the domestic economy, can political rivals unite for the nation's economic recovery?
Key Takeaways
- President Lee Jae Myung urges bipartisanship for the 2026 budget.
- The budget proposal amounts to 728 trillion won or USD 498 billion.
- Deadline for budget approval is set for December 2.
- Lee promotes flexible negotiations with opposition parties.
- Strengthening national power is a priority amid global challenges.
Seoul, Nov 27 (NationPress) South Korean President Lee Jae Myung emphasized the need for bipartisan cooperation during a meeting with senior aides on Thursday, aiming to pass the upcoming budget plan by the legal deadline. He highlighted the plan's crucial role in stimulating the domestic economy.
As the National Assembly approaches the final stages of reviewing the 2026 budget proposal, which outlines 728 trillion won (approximately USD 498 billion) in expenditures—an increase of 8.1 percent from the previous year—Lee's appeal gains significance, as reported by Yonhap News Agency.
Despite the legal deadline of December 2, past years have seen parliament struggle to meet this timeline due to ongoing political conflicts between opposing parties.
"To facilitate economic recovery and ensure the nation makes significant strides next year, it is vital that the budget is approved promptly," he stated. "I urge all parties to work together to meet the legal deadline for passing the budget."
During the current budget discussions, Lee advocated for a flexible stance, suggesting that the government should consider reasonable and necessary proposals from the opposition.
"If the opposition presents sound arguments, embracing them could be beneficial, provided they do not lead to serious complications," he noted.
This meeting marked Lee's first engagement with aides since returning from a four-nation tour across the Middle East and Africa, where he stressed the importance of bipartisan backing for his pragmatic diplomacy amid evolving global conditions and rising protectionism.
"Leaders from various nations expressed keen interest in the defense industry, particularly regarding the acquisition of new weapon systems and enhancing defense collaboration with the Republic of Korea," he mentioned, referring to South Korea's official designation. "Strengthening national power is essential, encompassing economic vigor, military capabilities, and defense industry advancements."
Point of View
It's essential to recognize the significance of President Lee's appeal for bipartisan cooperation. In a time of economic uncertainty, uniting political factions to ensure timely budget approval can foster stability and growth for South Korea. The nation's future hinges on collaborative efforts in the face of rising global challenges.
NationPress
28/11/2025
Frequently Asked Questions
What is the proposed budget for 2026?
The proposed budget for 2026 is 728 trillion won, equivalent to approximately USD 498 billion.
When is the deadline for passing the budget?
The legal deadline for passing the budget is December 2.
Why is bipartisan cooperation important for the budget?
Bipartisan cooperation is crucial to ensure timely passage of the budget, which is necessary for boosting the domestic economy and facilitating economic recovery.
What is President Lee's stance on opposition proposals?
President Lee has expressed openness to accepting reasonable and necessary proposals from the opposition during budget deliberations.
How does the budget relate to South Korea's defense industry?
The budget is expected to support national power, which includes enhancing military capacity and defense industry capabilities.
