French Budget Deficit Reaches 6.1% of GDP Amid Financial Struggles

France's government unveils a record budget deficit for 2024, driven by lower-than-expected revenues and increased spending needs.

The French government's budget deficit for 2024 is projected to hit 6.1% of GDP, surpassing earlier estimates due to reduced revenue collections.
Despite implementing spending cuts, the government only managed to reduce expenditures by €6 billion, falling short of the initial target.
New financial commitments include €4.2 billion for unexpected expenses, such as support for New Caledonia and increased pay for teachers and public workers.
The left-wing opposition in the National Assembly successfully amended the budget for social security, introducing €17-20 billion in new taxes and contributions.
The government's financial strategy and its handling of the deficit are under scrutiny, with key officials set to testify before the Senate.