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Rival parties tentatively agree on 2022 budget at 607 tln won

All News 18:00 December 01, 2021

SEOUL, Dec. 1 (Yonhap) -- The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) reached a tentative agreement Wednesday to pass next year's government budget at 607 trillion won (US$515 billion), officials said.

The agreement was reached during a bipartisan negotiation meeting headed by Rep. Yun Ho-jung and Rep. Kim Gi-hyeon, floor leaders of the DP and PPP, respectively, at the National Assembly earlier in the day, according to officials familiar with the meeting.

The size of the agreed budget is 3 trillion won larger than the government's proposal of 604 trillion won.

"We agreed to increase the size of the tax revenue budget by 4.7 trillion won and reduce that of tax expenditure by 5.6 trillion won," an official said.

This file photo from Sept. 15, 2021, shows a plenary session of the National Assembly in Seoul. (Yonhap)


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