The Presidential Office stated that it had never examined the drafting of the third supplementary budget. Spokesperson Kang Yu-jeong noted during a written briefing on the 19th that "the Presidential Office has not considered the drafting of the third supplementary budget." After President Lee Jae-myung mentioned the active role of national finance during the Cabinet meeting that day and said, "We need to do more (supplementary budgeting)," the bond market became confused, prompting the Presidential Office to clarify directly.
President Lee Jae-myung stated in his opening remarks at the Cabinet meeting that "the mood has improved a bit recently, but essentially, it seems that the pain our common people are experiencing is quite significant," and noted, "It is time to use national finance." He continued, "While sound finance and the principles of fiscal balance are indeed important, it is natural that we shouldn’t be spending excessively when we don’t have enough revenue. However, isn’t there an essential role of government finance?"
In particular, he remarked, "When the private sector overheats, it needs to be restrained, and when the private sector is excessively stagnant, it needs to be stimulated. Right now, I feel that the situation is so stagnant that the role of the government is necessary," and added, "I think we need to do more supplementary budgeting."
◇ Size of 30.5 trillion won including tax revision
On that day, the government reviewed and approved a supplementary budget plan that included an additional expenditure plan of 20.2 trillion won. Including a tax revision of 10.3 trillion won, considering the decrease in revenue, the total size of the second supplementary budget reaches 30.5 trillion won.
The supplementary budget passed in the Cabinet meeting included a budget for distributing 'consumption coupons for recovery of livelihoods' (livelihood recovery support funds) to all citizens. Regardless of income, each individual will receive 150,000 won, while those in the lower-income bracket will receive 300,000 won and basic living recipients will receive 400,000 won. In the second payment, an additional 100,000 won will be provided to citizens excluding the top 10% based on health insurance premiums, and residents of agricultural and fishing villages as well as areas facing population decline will receive an additional 20,000 won per person. Payment methods will include local love gift certificates, prepaid cards, and credit or debit cards, and there will be a set usage period.