The Chinese Nationalist Party (KMT) legislative caucus allegedly plans to hinder the third reading of the NT$410 billion (US$14 billion) special budget today, aiming to request an additional NT$230 billion be allocated for universal NT$10,000 cash handouts, raising the total budget to NT$640 billion.
Not a single dollar would be passed in today’s Legislative Yuan vote, and the KMT is not willing to budge on striking the proposed NT$100 billion Taiwan Power Co (Taipower) subsidy, KMT Think Tank deputy director Ling Tao (凌濤) said yesterday.
The Executive Yuan said that the cash handouts would push the government and public finances into crisis and could trigger inflation, urging the Legislative Yuan to carefully consider the proposal.
Photo: Shih Hsiao-kuang, Taipei Times
The Cabinet on April 24 approved a NT$410 billion special budget to enhance national security, and protect the economy and local industries in light of US tariffs, including NT$93 billion for “economic resilience” to support supply chain relocation, and “dual-axis transformation” to focus on digital and net zero technologies.
It also included NT$150 billion for “whole-of-society defense resilience” and proposed an additional NT$100 billion subsidy for Taipower.
The subsidy is intended to offset Taipower’s mounting losses of NT$420 billion as of the end of last year, after it froze electricity rates for households and industries in line with government policy, Executive Yuan spokeswoman Michelle Lee (李慧芝) said yesterday.
President William Lai (賴清德) and Premier Cho Jung-tai (卓榮泰) have consulted with front-line industry experts who hope that stabilizing electricity prices would help to counter the effects of US tariffs, Lee said.
The KMT is standing with the public, and small and medium-sized enterprises (SMEs) in hoping that Taiwan can counter the effects of US tariffs, Ling said.
KMT Legislator Lai Shyh-bao (賴士葆) said that although the party supports the NT$150 whole-of-society budget, it believes it should be allocated from a special or supplementary budget.
Lai Shyh-bao said he consulted with Minister of Economic Affairs J.W. Kuo (郭智輝), who made no promises that Taipower would freeze electricity prices on receiving the subsidy, which is unacceptable and requires further deliberation on the budget.
Additional reporting from Shih Hsiao-kuang and CNA
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