The budget seeks to reduce the public deficit from 6.1% this year to 5% next year, with a long-term goal of aligning with the EU's 3% limit by 2029.

Michel Barnier, who has been in office for just a month, faces intense pressure as he prepares to present the budget amidst criticism from within his coalition.

Debates are intensifying regarding potential tax increases as part of the government's fiscal strategy, which includes raising taxes on the wealthiest households.

The wealthiest 65,000 households, earning over €500,000 annually, will face increased taxes, potentially generating €2 billion.

On October 10, the French government will unveil its budget proposal for 2025, aiming to address a significant public deficit that currently exceeds 6% of GDP.

Despite internal opposition to proposed spending cuts and tax increases, the government is determined to prevent a financial crisis and maintain credibility with financial markets and the EU.

The budget anticipates €20 billion in tax increases, reversing a trend of seven years of tax cuts to promote 'fiscal justice'.

Measures in the budget include postponing pension increases and reducing the number of public sector jobs, aiming to stabilize public finances.

Pressure from financial markets and EU partners has increased due to underwhelming tax revenues and excessive spending this year.

Barnier has promised to protect the most vulnerable and working individuals while avoiding a 'fiscal shock' in the budget.

Parliament has a strict 70-day timeline to review, amend, and vote on the budget, as mandated by Article 47 of the Constitution.

Due to the lack of a parliamentary majority, Barnier may need to use Article 49.3 to pass the budget, a tactic employed by previous administrations.