Seoul: Rival parties have reached a last-minute deal on next year's national budget and agreed to pass it through the National Assembly on Tuesday, just hours before the legal deadline. The ruling Democratic Party and the main opposition People Power Party are set to hold a plenary session at 4 p.m. to vote on the budget bill.

According to Yonhap News Agency, the government's 728 trillion-won (US$498 billion) budget proposal for 2026 had been pending in parliament. Both parties were working to reconcile differences on key components of the budget, such as funding for local gift certificate programs.

The agreement between the parties is expected to facilitate the passage of the budget bill, ensuring that government operations and programs are funded for the upcoming year. The resolution of these negotiations marks a critical step in the legislative process, allowing both parties to move forward with their respective agendas while maintaining fiscal responsibility.

The budget proposal's approval is crucial for the government to implement its planned initiatives and address economic challenges. The collaboration between the parties demonstrates a commitment to governance and financial planning, setting the stage for the country's economic strategies in the coming years.