By Marco Hugo Barsotti MHB 
You are listening to a new special of France Today in podcast and on Centrale Milano 1575 kHz.
Budget Objective
The new executive led by Prime Minister Sébastien Lecornu has submitted to Parliament a draft budget law for 2027 that provides for a modest reduction of the public deficit. The State treasury aims to bring the deficit down to 4.9 percent of Gross Domestic Product, a figure described as “realistic” because it does not rely on large‑impact structural reforms. The ambition to bring the deficit below three percent by 2029, inserted into the stability plans more than a decade ago, now appears more distant.
Deadlines and Delays
Lecornu intends to submit the bill draft to the National Assembly by September 30, with a full week ahead of the legal deadline. In the last two fiscal years, the government missed the deadline, forcing the Republic to operate for two consecutive years without a definitive budget, adopted only in mid‑February after a murky debate. For 2027 the prime minister wants to avoid resorting to a “special law”, i.e., a provisional measure that would extend the spending credits of the previous year, because such a solution would be a sign of political failure and could complicate the presidential election campaign scheduled for April and May.
Political Pressures
The public accounts minister, David Amiel, warned that, in case of a special law, the deficit could “drift without controls”, leaving public finances at the mercy of uncontrolled fluctuations. The administration, therefore, faces the most urgent task of getting a complete budget approved before the end of the year, a tough challenge precisely during the summer period, when parliamentary activity almost completely halts. Lecornu still has to decide on three fundamental choices regarding how to obtain the necessary resources, but the outlines of his strategy are now defined.
Future Outlook
Lecornu’s budget proposal represents a line of continuity with financially prudent choices, but the lack of deep reforms could limit France’s ability to reduce the deficit to more ambitious levels by the end of the decade. Observers remain vigilant: how the government manages to conclude the legislative process quickly will influence not only the credibility of institutions but also the dynamics of the presidential race next April.
Rachel’s Editorial – Lecornu’s Budget: the Magic of Numerical Illusion
The Prime Minister Sébastien Lecornu proclaimed a “very limited cut” to the deficit, targeting 4.9 % of GDP by 2027. But do we really believe it? It’s the same recipe as a restaurant that, aware of serving meager portions, raises prices by calling the dish “realistic”. And while the government sparks optimism, the data show that the 3 % threshold expected for 2029 remains a mirage farther than a sunset over Paris.
The story gets complicated when “special laws” are mentioned. Lecornu tries to avoid a third year of stop‑gap, but his promise sounds more like a magician’s, who, to distract the audience, makes the rabbit disappear from the hat. If the deficit can “drift without supervision”, why then does the public accounts court worry about it? Perhaps because, unlike the Prime Minister’s words, numbers cannot be hidden behind a photo of Macron and Lecornu in uniform.
And then there’s the calendar issue: presenting the bill draft by September 30, before the legal deadline, sounds almost like a speed race against time, but the reality is that the last two budgets were approved in February, after a vortex of controversy. The Prime Minister therefore has “number one” on his priority list: to be on time. But if his real obstacle is the summer season, perhaps we should ask Che Guevara whether the sun is truly the most formidable enemy of the French budget.
Sure, many nice words but in that Lecornu of his he knows that even this level will be surpassed, there’s no doubt—just look at the charts and see how poorly the Macron era is ending. The charts do not lie: the Macron era is in shards, and the new chapter seems written in red ink on an old pink sheet, ready to tear the page before it is even read.
Koan of the Day
Monaco: Master, if the government says it wants to reduce the deficit but introduces no reforms, how can it truly lower the debt?
Master: The deficit is like the water from a dripping faucet: as long as you don’t close the spending valve, the container will overflow, even if you reduce the pressure to small sips.
Monaco: Then, Master, if politics is a game of numbers and words, what is the true meaning of “realism” in this context?
Master: Realism is the art of painting the future with colors of the past; the universal truth is that, when everyone believes in the painting, the picture remains empty, but the canvas is already worn out.
This is all for now. From the Paris editorial office this is Rachel Costa: this is France Today with Centrale Milano 1575 kHz.