Ruling party chief proposes extra budget of 30 tln won

SEOUL, March 11 (Yonhap) -- Park Hee-tae, chairman of the ruling Grand National Party (GNP), said Wednesday his party will soon announce the creation of a supplementary budget of around 30 trillion won (US$20 billion) after further consultations with the government.

Park said the funding for the extra budget, designed to speedily steer the
country out of the economic crisis, will mostly come from the issuance of state
bonds.
The ruling party leader also said the GNP and the government will discuss
lessening real estate transaction taxes to help accelerate corporate
restructuring.
"The top priority of the planned extra budget is to create more job
opportunities. Through further discussions with the government, we will set its
volume at around 30 trillion won," Park said in a meeting with reporters.
Finance Minister Yoon Jeung-hyun has indicated that the volume of the
supplementary budget now being discussed by the government and the ruling party
will be far in excess of 30 trillion won.
But the main opposition Democratic Party has asked that it be set far below 30
trillion won, citing the need for fiscal soundness.
South Korea's budget for 2009 totals 217.5 trillion won.
ycm@yna.co.kr
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