(ATTN: RECASTS headline, lead; ADDS ruling party's response in paras 8-11, photo)
SEOUL, Nov. 2 (Yonhap) -- The ruling Democratic Party (DP) on Monday welcomed President Lee Jae Myung's budget speech, while the main opposition People Power Party (PPP) criticized him for failing to address North Korea's threats and economic concerns.
PPP lawmakers also staged a rally at the National Assembly ahead of Lee's speech on next year's budget proposal, condemning what they called a budget that disregards national debt and destroys the country's future.
Lawmakers of the main opposition People Power Party stage a rally protest at the National Assembly in Seoul as President Lee Jae Myung arrives to deliver his budget speech on Nov. 2, 2026. (Yonhap)
Lawmakers of the main opposition People Power Party stage a rally protest at the National Assembly in Seoul as President Lee Jae Myung arrives to deliver his budget speech on Nov. 2, 2026. (Yonhap)
"President Lee came, said only what he wanted to say and left," PPP leader Jang Dong-hyeok wrote on Facebook.
"He made no mention of real estate, the stock market or farmland, nor did he mention North Korea, the South Korea-U.S. alliance, public safety or judicial issues," Rep. Jang said.
While Lee pledged to secure key military capabilities needed for the early transfer of wartime operational control (OPCON) from the United States, he did not directly mention the alliance or inter-Korean ties in his speech.
PPP chief spokesperson Park Sung-hoon also called the speech "the height of fiscal recklessness" and a declaration seeking to "drain the nation's coffers."
"President Lee's parliamentary speech was not a blueprint for restoring people's livelihoods but an irresponsible declaration of financial gambling that puts the future of South Korea at stake," Rep. Park said in a commentary.
President Lee Jae Myung addresses the National Assembly in Seoul on Nov. 2, 2026, calling for bipartisan support for the passage of the 2027 budget bill. (Yonhap)
President Lee Jae Myung addresses the National Assembly in Seoul on Nov. 2, 2026, calling for bipartisan support for the passage of the 2027 budget bill. (Yonhap)
Meanwhile, the ruling party welcomed Lee's speech, vowing to pass the budget proposal by the Dec. 2 deadline.
"The budget proposal aims to remove the shadows of inequality and polarization, and build a country where Seoul, the greater Seoul area and other regions can prosper together," DP chief spokesperson Park Sung-joon said in a briefing. "We will do our utmost to ensure that the budget will be passed within the legal deadline so that it can be executed promptly."
On his social media, DP leader Kim Min-seok hailed the speech for presenting an "ambitious vision" of transforming South Korea into an "irreplaceable" global leader, stressing the need to ensure that the benefits of economic growth are shared by all.
"As the president emphasized, we must make every effort to overcome inequality and polarization," Kim wrote on X.
During his speech, Lee pledged bold investment in artificial intelligence (AI) and other future growth engine industries, calling for bipartisan support for the government's proposed record budget of 820.9 trillion won (US$614.5 billion) for next year.
The proposed amount marks a 12.8 percent increase from this year's budget, the highest growth rate on record.