Seoul: The main opposition Democratic Party (DP) announced on Sunday its intention to introduce a downsized budget bill for 2025 during a plenary session of the National Assembly this week. This decision follows the party's controversial move to push the proposal through a parliamentary committee despite a boycott by the ruling People Power Party (PPP). According to Yonhap News Agency, DP floor leader Park Chan-dae revealed the plan shortly after the party, which commands a parliamentary majority, advanced the 2025 budget bill through the special committee on budget and accounts, overriding objections from the PPP. The new budget proposal sets the total budget for the upcoming year at 677.4 trillion won (approximately US$485.3 billion), which is a reduction of 4.1 trillion won from the initial government proposal. Park described the move as an "extraordinary" measure necessary to "normalize" state financial management and highlighted the DP's commitment to preventing tax cuts for the superrich while reducin g budgets for powerful state agencies. The budget cuts encompass funds allocated for special activities of the presidential office's secretariat, the national security office, the prosecution, the state audit agency, and the police. Additionally, the government's reserve fund is to be halved from 4.8 trillion won to 2.4 trillion won. The ruling PPP criticized the DP's actions, arguing that such reductions undermine the functions of key state agencies like the prosecution, police, and state audit agency. They accused the DP of attempting to protect their leader Lee Jae-myung, who is currently facing several legal trials. Park mentioned the possibility of revising 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 echoed this sentiment, noting that the government could present a revised bill if necessary. This was in response to North Gyeongsang Province Governor Lee Cheol-woo's request for a budget increase for the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. While the statutory deadline for approving the national budget is December 2, the National Assembly has only met this deadline twice in the past twenty years. In related developments, the DP decided to delay the taxation of virtual assets by two years, aligning with the ruling party's stance, but expressed its intention to oppose a bill aimed at easing inheritance and gift taxes. PPP floor leader Choo Kyung-ho strongly objected to the DP's decision, demanding an apology and withdrawal of the budget reduction. During a separate press conference, Choo described the cuts as "parliamentary violence" and warned that they could worsen economic and safety conditions for the public. He emphasized that if the cuts lead to issues with public welfare, order, diplomacy, or disaster response, the responsibility would rest with the DP.