Overview

• After meeting core allies on Monday, Sébastien Lecornu is due to hold a “last‑chance” session Friday with PS leader Olivier Faure, who demands a full budget plan or will seek censure.
• The prime minister is expected to unveil his cabinet before parliamentary business resumes, with timing constrained by the Assembly’s internal renewals on Oct. 1–2.
• The main lines of the 2026 budget have been sent to the Conseil d’État, with a complete draft expected around Oct. 1 and formal submission to Parliament due by Oct. 15.
• Initial signals include €6 billion in state operating cuts, an anti‑fraud push, and a 4.7% deficit target, while proposals pushed by the PS such as a Zucman wealth tax, suspending the pension reform, or restoring the ISF are off the table.
• Unions plan a new nationwide mobilization on Oct. 2, and while the left threatens rapid censure, the National Rally indicates it will wait for Lecornu’s policy speech and budget before deciding.