France Seeks to Curb Deficit

French Finance Minister Roland Lescure said the government would aim to save approximately $34.8 billion (€30 billion) in next year’s budget, in an effort to curb the deficit.

Lescure said today that most of the budget cuts would come from government spending, without harming consumers’ purchasing power or raising taxes.

Bloomberg reported that although final details are still being worked out, the budget will be “tough and ambitious.”

The French finance minister noted that pensioners would also need to contribute to a collective effort to try to reduce the budget deficit to below 5.1%.

French Prime Minister Sebastien Lecornu is expected to unveil the 2027 budget at the end of this month, a politically risky move for President Emmanuel Macron’s government, which lacks a parliamentary majority and faces a contentious election campaign ahead of the polls.