Early Edition 18:00
Coming up on Early Edition at Six.
Topic: Budget 2015, deadline: December 2nd.
Lawmakers lock horns with different takes on how the money would be best spent.
Another issue that lawmakers don′t see eye to eye: taking action against civic groups.
Opposition lawmakers voice concerns that the continued flying of anti-Pyongyang leaflets across the border is playing a big role in souring inter-Korean relations.
China begins to take more decisive action against North Korea, a move that earns Beijing the trust of Seoul and Washington in pressuring the reclusive regime to denuclearize.
Stay tuned for these and more.
It′s 6 p.m. on a Monday in Korea.
Thank you for joining us at this hour.
This is Daniel Choy.
And I′m Hwang Ji-hye in Seoul
Welcome to Early Edition at Six.
Title: National Assembly begins reviewing next year′s budget
We begin at Korea′s National Assembly... where lawmakers are tasked with a very important duty this week... and that is reviewing next year′s budget.
But... the rival parties are already locking horns on whether the budget plan is sufficient for boosting the ailing domestic economy.
Ji Myung-kil reports.
Discussions on next year′s budget have begun at the National Assembly, with the ruling and opposition parties promising to pass it by the legal deadline of December 2nd.
The 2015 budget calls for a 5-point-7 percent on-year increase in government spending to some 350 billion U.S. dollars.
"We must meet the legal deadline as it is our last best opportunity to boost Korea′s economy."
The ruling Saenuri Party says the budget,... promoted by the government as necessary for boosting the economy,... must be kept intact.
But the main opposition New Politics Alliance for Democracy has been stepping up its attacks on the government′s recent expansionary fiscal and monetary policies,... promoting its own plan instead.
"We have five principles set for next year′s budget: endorsing financial health for the central and local governments, restoring corporate taxes for conglomerates, increasing household income, and securing a bigger budget for safety-related purposes."
Compounding concerns about the increased budget plans,... the government has been facing a shortfall of tax revenue since 2012.
According to the finance ministry, the government collected 126 billion dollars in national tax revenue from January to August,... which is down 278 million dollars from the same period last year.
And while both parties are speaking in optimistic terms about the budget being passed by December 2nd,... Korea′s parliament is notorious for its year-end budget wars.
No budget bill has been passed by the legal deadline since 2002.
However, that won′t be the case this year, as parliamentary law revisions passed last year mean the draft proposal will be automatically referred to the regular session on December 1st, even if the rival parties don′t reach an agreement on the bill.
Ji Myung
