He described the budgetary situation as a "hurricane," primarily caused by erroneous forecasts from the Ministry of Finance.

Le Maire emphasized that the worsening deficit stemmed from failures in fiscal revenue forecasting models, which had historically linked economic growth to tax revenue increases.

He explained that anticipated revenue growth from a 1% economic growth rate had significantly declined, negatively impacting government revenue.

This decline in revenue elasticity was highlighted as a critical factor, with projections indicating a €41 billion gap between 2023 and 2024 due to underestimated revenue shortfalls.

To address these issues, Le Maire proposed resuming monthly meetings among all services involved in revenue forecasting and suggested utilizing real-time data for financial predictions.

In response to the deficit concerns, current Finance Minister Thomas Cazenave noted that he had previously frozen €16 billion in spending, asserting that the previous government would have continued its deficit reduction plans.

Le Maire expressed feeling victimized by political attacks, claiming his record was being used to undermine President Emmanuel Macron.

Critics, including Senator Jean-François Husson, described Le Maire's defense as self-congratulatory amidst a rising national debt burdening French citizens.

On November 7, 2024, former Economy Minister Bruno Le Maire testified before the Senate regarding the alarming public deficit projected at 6.1% of GDP for the year.

Le Maire attributed this increase in the deficit to the current government's decisions, firmly denying any intent to mislead about the state of public finances.

Despite the criticisms, Le Maire defended his tenure, asserting that he acted with transparency and integrity, while his aides indicated he is ready to clarify any misconceptions following his resignation.

This Senate hearing is part of a broader inquiry into the trajectory of public finances in France, as lawmakers seek to understand the underlying causes of the current fiscal challenges.