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(LEAD) Parliament fails to pass extra budget on schedule

All Headlines 18:27 August 30, 2016

(ATTN: RECASTS headline, lead; UPDATES throughout with details)

SEOUL, Aug. 30 (Yonhap) -- South Korea's National Assembly on Tuesday failed to pass the latest extra budget plan on time amid prolonged tension between ruling and opposition parties over the issue of providing government subsidies to education programs.

The ruling Saenuri Party, the Minjoo Party of Korea and the minor People's Party agreed to resume discussions on Wednesday after they failed to narrow down differences throughout the day.

South Korea's National Assembly is currently discussing the details of the extra budget plan estimated at 11 trillion won (US$9.83 billion).

While the budget was originally scheduled to be passed last week, it was delayed, as the parties expressed different opinions on holding parliamentary hearings for shippers and shipbuilders.

Opposition parties also claim the budget should include funds to support public education programs by provincial governments, as well as subsidies for South Korean firms based in the Kaesong Industrial Complex, a North Korean industrial zone which was shut down earlier this year.

The ruling Saenuri Party, however, is currently against direct central government support for regional education programs.

Saenuri claims that the fund should instead focus on generating more jobs and revitalizing the national economy.

"I hope the National Assembly passes the extra budget plan today, which will greatly help the workers facing restructuring, as well as make it possible for ordinary people to have greater stability in their livelihoods," Prime Minister Hwang Kyo-ahn said earlier in the day.

"It is regrettable that the extra budget bill, which will lend support to restructuring and provincial economies, is still pending at parliament," Hwang added.


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