Next year's budget debate... "Protect the sound finances" vs. "A vicious cycle of tax revenue deficit"

The ruling and opposition parties clashed at the National Assembly debate over the government's tightening fiscal stance on next year's budget bill worth 667 trillion won.

Ku Ja-geun, the ruling party secretary of the National Assembly's Budget and Accounts Committee, said the budget bill clearly kept its sound fiscal stance and that it could be attributed to the government's push for spending efficiency that drastically reduces inefficient projects.

On the other hand, Democratic Party lawmaker Heo Young, an opposition secretary, criticized that tax cuts for large corporations and the rich have reduced tax revenues and resulted in tightening finances, adding that there will be a vicious cycle of losing tax revenues again.