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SOUTH KOREAN PARLIAMENT INCREASES 2009 BUDGET.
SEOUL, Dec 1 Asia Pulse - Next year's national budget has been increased by roughly 10 trillion won (US$6.8 billion) by parliamentary committees amid calls by both the ruling and opposition parties for sound fiscal spending, legislative sources said Sunday.
The tally is from 13 committees that reviewed plans forwarded by the government and excludes those from the intelligence, finance and education-science committees.
On Sept. 30, the government announced a 273.8 trillion won budget plan, up 6.5 per cent from this year.
"There were no committees that reduced or cut the government's spending plan for 2009," an official at the National Assembly said.
This contradicts vows made by all parties to cut spending to ensure the financial health of the country and to prevent incurring more debt that translates into a greater burden for taxpayers down the road.
By committee, the government administration committee bolstered its budget by 4.9 trillion won to make up for the reduction in taxes collected for excessive real estate holdings that would have gone to regional governments.
This was followed by hikes totaling 1.8 trillion won by the land and transport committee that said more funds are needed to build social overhead capital infrastructure projects, including new roads, ...
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Source: HighBeam Research, SOUTH KOREAN PARLIAMENT INCREASES 2009 BUDGET.