The Korea Times
The National Assembly is set to handle an extra budget bill Friday aimed at coping with the economic fallout from the ongoing war in the Middle East. The extra budget, intended to ease the burden of rising oil prices and protect small businesses and vulnerable households from the economic repercussions of the conflict, has expanded to around 30 trillion won ($20.3 billion) from the government's initial proposal of 26.2 trillion won, following reviews by standing committees. Rival parties earlier agreed to pass the bill by Friday but remain at odds over details of the budget, including the government's plan to distribute cash assistance to the bottom 70 percent of income earners designed to help ease the burden from rising oil prices. If the bill is passed, about 35.8 million people will receive between 100,000 won and 600,000 won per person, with payments differentiated by income level and region. The main opposition People Power Party has argued that the projects included in the bill are inconsistent with the purpose of the extra budget, calling for programs that provide direct assistan
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