Amélie de Montchalin, minister for public accounts, warned in an interview with Le Parisien that the public deficit would reach 'around 5% of GDP' in 2026 under current budget debates. She maintains the government's target of 4.7%, stressing that deferred efforts will burden future years. The debt already generates 74 billion euros in interest charges in 2026.
In an interview published on Saturday, November 15, 2025, in Le Parisien, Amélie de Montchalin voiced concerns about the progress of parliamentary debates on the 2026 finance bill. 'We are around 5% of GDP while we should be under 5%. Our objective remains 4.7%. It’s not a fetish!', she stated. She warned: 'All efforts not made in 2026 will have to be done in 2027, 2028 or 2029. We must stop increasing the debt as soon as possible, as it generates interest charges of 74 billion euros in 2026.'
The minister addressed deputies directly: 'The deficit won't disappear by magic.' The government aims to reduce the deficit to 4.7% of GDP, compared to 5.4% forecast for 2025. On the social security budget, the initial target of a 17.5 billion euro deficit has been exceeded, reaching over 24 billion according to Labor Minister Jean-Pierre Farandou and services of the Assembly and Senate. 'It is impossible to imagine it above 20 billion euros,' warned Ms. de Montchalin, who finds it difficult to unfreeze all retirements and social benefits.
The National Assembly removed on Wednesday, November 12, the article providing for the freeze on retirement pensions and social benefits, a measure worth 3.6 billion in savings. Prime Minister Sébastien Lecornu had expressed support at the end of October for amendments unfreezing pensions and minimum social benefits, but Amélie de Montchalin opposes full repeal, suggesting maintaining the freeze on family allowances for wealthier households. Overall, the minister believes the budget is progressing on some issues but requires rebalancing, despite tight deadlines. The Assembly will not sit this weekend, and the text risks being sent to the Senate without a final vote. She denies any deliberate government delaying tactic, stating: 'There is no trick!'