Public Deficit
French government unveils 2026 budget with tax hikes and spending cuts
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On October 14, 2025, Prime Minister Sébastien Lecornu presented the 2026 finance bill, aiming to cut the public deficit to 4.7% of GDP through €14 billion in extra tax revenues and €17 billion in spending savings. The budget targets high earners, businesses, and social expenditures, while drawing criticism over its feasibility.
The National Assembly's finance committee rejected the 'expenses' section of the 2026 budget on Saturday, following the dismissal of the 'revenues' part the previous day. Discussions, plagued by absenteeism, failed to reach agreement, widening the public deficit. The government still aims for adoption by month's end to keep the deficit below 5%.
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The National Assembly resumes examination in commission on Thursday of the state budget for 2026, after a failed first reading. Public accounts minister Amélie de Montchalin rules out no method to pass the bill, including Article 49.3. The government aims for a deficit below 5% in 2026.