Overview

• Lawmakers are set to vote this afternoon, with parties from the far left to the far right saying they will combine to defeat Prime Minister François Bayrou.
• If the government loses, Bayrou must submit his cabinet’s resignation to President Emmanuel Macron, who has ruled out dissolving parliament for now and is expected to seek a new prime minister, potentially from the center-left.
• Bayrou’s plan targets about €43.8–€44 billion in savings for 2026, including eliminating two public holidays and freezing spending, to cut the deficit to roughly 4.6% in 2026 on a path toward EU rules by 2029.
• France’s debt is about 114% of GDP and the deficit is near twice the EU’s 3% limit, with bond spreads widening and yields elevated as ratings risk and policy uncertainty intensify.
• Protest actions are scheduled for Sept. 10 by the “Block Everything” collective and union-led strikes on Sept. 18, while the National Rally is pressing for snap elections and says it is ready with candidates.