Seoul: National Assembly Speaker Woo Won-shik on Monday decided to put an opposition-led downsized budget bill for next year on hold, urging the ruling and opposition parties to reach an agreement by next week. According to Yonhap News Agency, Woo announced during a press briefing at the National Assembly that the budget bill would not be presented at the day's plenary session. He emphasized the importance of reaching a consensus by next Tuesday, the final day of the regular session of the Assembly. The Democratic Party (DP) had previously railroaded the proposal through a plenary session of the parliamentary special committee on budget and accounts. The bill sets the 2025 budget at 677.4 trillion won (US$485.3 billion), which is 4.1 trillion won less than the government's initial plan. The budget reductions impact funds earmarked for special activity expenses of several key government offices, including the presidential office's secretariat and national security office, as well as the prosecution, the sta te audit agency, and the police. The DP argued for the introduction of the bill at the plenary session, describing it as a necessary step to "normalize" citizens' livelihoods and prevent tax cuts for the "superrich." In contrast, the government and the ruling People Power Party (PPP) insist that keeping these expenses confidential is crucial for operational efficiency. They argue that transparency could compromise the effectiveness of these agencies. During the briefing, Woo highlighted the Assembly's responsibility to ensure a budget that supports the economically vulnerable. He also called for more proactive involvement from the government, warning that any delays in passing the budget bill would place the responsibility and burden on the government. In addition, the downsized budget proposal includes halving the government's reserve fund from 4.8 trillion won to 2.4 trillion won.