S Korean president discloses possible execution of emergency budget next year

SEOUL, Dec. 24 (Xinhua) -- South Korean President Lee Myung-bak said Thursday that the government needs to be prepared for the possibility that budget request for next year might fail to get parliament approval, hinting at a possible execution of provisional budget, local media reported.

"I am hoping the budget bill to be passed by the end of the year, but the government needs to prepare for other possibilities," Lee was quoted as saying by Seoul's Yonhap News Agency.

He asked for a thorough preparation for a possible need for emergency budget, according to a presidential spokesman.

The president added that a cabinet meeting should be convened to discuss provisional budget execution, if his budget-spending plan fails to be approved by the end of the year, according to Yonhap.

The disputed spending blueprint for 2010 has resulted in weeks of parliamentary deadlock, with the budget set aside for the president's plan and a key policy pledge to revamp the country's four major rivers.

The issue has been a key bone of contention among ruling and opposition party lawmakers, as the governing Grand National Party (GNP) backs up the plan while minor oppositions, Democratic Party and Democratic Labor Party, oppose the move on concerns over environmental issues and accuse the GNP of trying to ram through the budget proposal.

The two sides, once nearly paralyzing parliamentary procedures with the opposition occupying the special budget committee chairman's seat, agreed earlier this week to put further efforts in passing the bill by the end of the year.