The French Senate adopted a revised version of the 2026 finance bill on Monday, December 15, by 187 votes to 109. This copy, favoring spending cuts over tax increases, will serve as the basis for discussions in the joint committee on Friday. Negotiations look challenging amid divergences between the two chambers.
After around twenty days of intense debates, the Senate, dominated by a right-center majority, adopted the 2026 finance bill (PLF) in first reading. This revised version significantly differs from the government's proposal, opting for budget cuts rather than new tax increases. LR Senator from Hauts-de-Seine Christine Lavarde defended this choice: 'Let us not think that our inability to reform will find its solution in an infinite increase in revenues. Companies or the ultra-rich cannot finance our collective mismanagement. Being responsible means reforming rather than taxing.' She described the government's initial project as 'neither responsible nor trustworthy.'
The National Assembly having failed to agree on a text by late November, the Senate's version will form the basis for discussions in the joint parliamentary committee (CMP), scheduled for Friday, December 19, with seven deputies and seven senators. If an agreement is reached, the text will be put to a vote in both chambers the following week for final adoption. Otherwise, debates may extend into January, requiring a special law to ensure state continuity.
Prime Minister Sébastien Lecornu is banking on a compromise without resorting to Article 49.3, despite lacking an absolute majority in the Assembly. Government spokesperson Maud Bregeon called this week 'the toughest' since the examination began. Public Accounts Minister Amélie de Montchalin stressed the urgency: 'The budget is an emergency,' calling for 'compromise.'
The government aims for a public deficit under 5% of GDP in 2026, but the Senate version raises it to 5.3%, from 5.4% in 2025. Economy Minister Roland Lescure deemed this figure 'unacceptable' and urged the Senate right to make concessions. The Senate opposed measures like the surtax on large companies' profits, which was to yield 4 billion euros. Christine Lavarde warned: 'We cannot lend our votes to a CMP that would increase fiscal pressure.'
Socialists, through Patrick Kanner, regret that the right 'pressure-washed' the Assembly's contributions, making agreement difficult. A PS negotiator is less pessimistic: 'If compromise is possible, then it must happen now.' Figures like Elisabeth Borne and Senate President Gérard Larcher advocate for 49.3, but the government rules it out, with Olivier Faure warning of immediate censure without prior compromise.
