Seoul: The main opposition Democratic Party (DP) announced on Sunday its plan to introduce a downsized budget bill for 2025 during a plenary session of the National Assembly this week. This move follows the party's decision to push the proposal through a parliamentary committee, despite a boycott from the ruling People Power Party (PPP). According to Yonhap News Agency, DP floor leader Park Chan-dae revealed the party's strategy two days after they advanced the 2025 budget bill through the special committee on budget and accounts. This was done against objections from the PPP, with the DP leveraging its parliamentary majority. The proposed budget for the next year is set at 677.4 trillion won (approximately US$485.3 billion), which reflects a reduction of 4.1 trillion won from the initial government proposal. Park described the introduction of the reduced budget bill as an "extraordinary" measure aimed at "normalizing" state finances. The DP seeks to block tax cuts for the wealthy and reduce budgets for pow erful state agencies. The proposal includes cuts to special activity expenses for the presidential office's secretariat, national security office, prosecution, state audit agency, and police. Additionally, the government's reserve fund is halved from 4.8 trillion won to 2.4 trillion won. Park indicated the potential for further negotiations, 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 supported this stance, suggesting the government could submit a revised bill if needed, particularly in response to requests for increased funding for the 2025 Asia-Pacific Economic Cooperation summit in Gyeongju. The presidential office quickly responded, asserting it will not engage in negotiations unless the DP withdraws the budget bill. Presidential spokesperson Jeong Hye-jeon emphasized that any negative impact on citizens' livelihoods, public order, or diplomacy due to the unilateral budget cuts would be the DP 's responsibility. Echoing these sentiments, PPP floor leader Choo Kyung-ho demanded an apology and retraction from the DP, labeling the budget cuts as "parliamentary violence." He expressed concerns about potential adverse effects on the economy and public safety, urging the DP to reconsider its stance. The ruling party has previously criticized the opposition-led budget cuts for undermining the functions of the prosecution, police, and state audit agency. They claim that the move aims to protect DP leader Lee Jae-myung, who is facing several legal trials. The statutory deadline for budget approval is December 2, a deadline that the National Assembly has historically struggled to meet. In a related development, the DP floor leader announced the party's decision to delay taxation on virtual assets by two years, aligning with the ruling party's position. However, the DP intends to oppose a bill aimed at easing inheritance and gift taxes.