2025 SUPPLEMENTARY BUDGET SPEECH

Thanks for joining our special live coverage of the speech on this year's supplementary budget.

It's 10 AM here in Seoul, and President Lee Jae Myung is expected to deliver his budget speech at the National Assembly.

In just a few moments, President Lee will likely address lawmakers on the second extra budget plan, aimed at boosting spending and reviving the country's economy.

Lee is expected to ask for bipartisan support on the plan,.. now that the supplementary budget bill --the second this year and the first since President Lee took office earlier this month --was approved by the Cabinet last week.

The extra budget plan, worth 30-point-5 trillion Korean won, or 22 billion U.S. dollars, includes 20-point-2 trillion won of new spending to spur economic growth, and 10-point-3 trillion won to make up for an expected shortfall in tax revenue.

A large amount of that new spending will be used to hand out cash to consumers to boost spending.

The government is looking to give 10-point-3 trillion Korean won in vouchers ranging in value from 150 thousand won to 500 thousand to every citizen, depending on income levels.

Since taking office earlier this month, President Lee Jae Myung has been working to get bipartisan support for the budget plan.

Today's speech comes after President Lee met with leaders of the country's two major political parties over the weekend.

He spoke to leaders of the ruling Democratic Party and the main opposition People Power Party at the presidential residence on Sunday.. where he acknowledged differing views on the proposed supplementary budget but stressed the need to build consensus to swiftly tackle economic challenges.

Again, we are expected to see the president make his speech on the second supplementary budget.

We see President Lee Jae Myung entering the National Assembly shaking hands with 000.

There, we just saw him shaking hands with all the lawmakers before making his budget speech.

Now that was South Korea's President Lee Jae Myung delivering his speech on the second supplementary budget.

He has now addressed lawmakers on the extra budget plan, asking for bipartisan support.

The plan, worth 30-point-5 trillion Korean won.. will include a universal cash handout scheme for consumers as the government seeks to boost spending and revive the country's economy.