Overview

• Sébastien Lecornu said the 2026 public deficit should be kept below 5% of GDP, indicating a range of 4.7% to 5% as he seeks a cross‑party compromise.
• He is negotiating at President Emmanuel Macron’s request despite having resigned, stepping back from a tougher path set only weeks ago.
• The new stance contrasts with François Bayrou’s plan to cut the deficit from about 5.4% to 4.6% in 2026 as part of a trajectory toward 3% by 2029.
• Economists say edging toward 5% would imply roughly an extra €10 billion of spending, with each 0.1 percentage point of deficit amounting to nearly €3 billion.
• One concession under discussion is suspending the 2023 pensions reform, which ministers and analysts estimate would cost hundreds of millions in 2026 and €1–2 billion or more in 2027, as EU institutions monitor France under an excessive‑deficit procedure.