Seoul: The main opposition Democratic Party (DP) announced plans on Sunday to introduce a downsized budget bill for 2025 during this week's plenary session of the National Assembly. This decision follows the party's controversial move to advance the proposal through a parliamentary committee, despite a boycott by the ruling party. According to Yonhap News Agency, DP floor leader Park Chan-dae disclosed the strategy just two days after the party, which holds a majority in parliament, successfully pushed the 2025 budget bill through the parliamentary special committee on budget and accounts. This action was taken in defiance of objections from the ruling People Power Party. The revised budget proposal sets next year's budget at 677.4 trillion won (approximately US$485.3 billion), marking a reduction of 4.1 trillion won from the government's initial proposal. Park described the introduction of the reduced budget bill in the plenary meeting as an "extraordinary" measure aimed at "normalizing" state finances. He emphasized the DP's commitment to preventing tax cuts for the superrich and reducing budgets for powerful state agencies. The budget cuts target special activity funds for the presidential office's secretariat and national security office, as well as those for the prosecution, the state audit agency, and the police. Additionally, the government's 4.8 trillion-won reserve fund is to be halved to 2.4 trillion won. The ruling party has criticized the DP's actions, claiming that the budget cuts are intended to "neutralize the functions of the prosecution, the police, and the state audit agency," suggesting that the move is designed to protect DP leader Lee Jae-myung, who is currently facing several trials. Park indicated that there remains the possibility for revisions to the budget bill, stating, "There is sufficient room for further negotiations if the government and the ruling party show a forward-looking attitude." DP Chair Lee Jae-myung echoed this sentiment, mentioning that "the government can submit a re vised bill if necessary" during a meeting with North Gyeongsang Province Governor Lee Cheol-woo. The governor requested an increase in the budget for the 2025 Asia-Pacific Economic Cooperation (APEC) summit, which is set to be hosted in Gyeongju. Despite a statutory deadline of December 2 for approving the national budget, the National Assembly has only met this deadline twice in the past twenty years. Meanwhile, the DP floor leader also announced the party's decision to delay the taxation on virtual assets by two years, aligning with the ruling party's stance, but maintained that the party intends to oppose a bill aimed at easing inheritance and gift taxes.