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NEWSLINE AT NOON 12:00 Coming up on this Monday edition of Newsline at Noon,... Korea′s rival political parties begin their month-long review of next year′s budget. If they miss the deadline, the government′s draft proposal will be automatically referred to parliament on December 1st. Government sources in Seoul say North Korea has reportedly launched a new submarine capable of firing ballistic missiles, but they say North has not yet acquired the technology to deploy such missiles from it. Plus,...a UN-backed panel warns fossil fuels will have to phased out by the year 21-hundred to protect the world from dangerous climate change. These stories and more on Newsline at Noon. It′s noon, Monday, November 3rd... here in Korea... Thanks for tuning in. Live from Seoul... I′m Eoh Jin-joo. Good to have you with us,.... I′m Mark Broome. Title: National Assembly begins reviewing next year′s budget Our top story today.... Lawmakers in the National Assembly are tasked with the very important duty this week... of reviewing next year′s budget. Considering the very frosty atmosphere in recent months,... the rival parties are expected to clash over a number of issues. Ji Myung-kil reports. Discussions on next year′s budget have begun at the National Assembly, with the ruling and opposition parties promising to pass it by the legal deadline of December 2nd. The 2015 budget calls for a 5-point-7 percent on-year increase in government spending to some 350 billion U.S. dollars. "We must meet the legal deadline as it is our last best opportunity to boost Korea′s economy." The ruling Saenuri Party says the budget,... promoted by the government as necessary for boosting the economy,... must be kept intact. But the main opposition New Politics Alliance for Democracy has been stepping up its attacks on the government′s recent expansionary fiscal and monetary policies,... promoting its own plan instead. "We have five principles set for next year′s budget: endorsing financial health for the central and local governments, restoring corporate taxes for conglomerates, increasing household income, and securing a bigger budget for safety-related purposes." Compounding concerns about the increased budget plans,... the government has been facing a shortfall of tax revenue since 2012. According to the finance ministry, the government collected 126 billion dollars in national tax revenue from January to August,... which is down 278 million dollars from the same period last year. And while both parties are speaking in optimistic terms about the budget being passed by December 2nd,... Korea′s parliament is notorious for its year-end budget wars. No budget bill has been passed by the legal deadline since 2002. Ji Myung-kil, Arirang News. Title: Lawmakers to grill officials from foreign, unification and security ministries And at the National Assembly on this Monday,... lawmakers are questioning top officials from government ministr