We're seeing mixed responses from South Korea's rival political parties to President Moon's speech.
The ruling Democratic Party welcomed it saying the 2020 spending plan will breathe life into the economy and improve people's livelihoods.
It said the budget has been allocated appropriately to address security, welfare as well as innovation.
The main opposition Liberty Korea Party criticized the speech, saying it was full of self-praise, and claimed it only proves the administration is blind to the dire economic and security situation facing the nation.
It said the expansionary budget is only a short-term remedy, and the government needs to overhaul its policies if it wants to revive the economy.
On reforming the prosecution, the party said the president should leave it to the rival parties to reach a deal and refrain from pressuring the assembly.
Rival parties will start deliberations over the budget plan and have until December 2nd to approve it.