Amendments leave the budget far from its target
Two lawmakers abstained in the otherwise unanimous vote. Rejection of the revenue section meant the entire budget bill was considered rejected at first reading.
The original proposal sought roughly €43 billion in savings to bring the public deficit down from a projected 5.4% of GDP in 2026 to 5% in 2027. Lecornu had outlined a different figure in September 2026, when he said he was targeting €54 billion in spending cuts.
By the time of the vote, parliamentary amendments had changed the fiscal outlook for the bill. Budget Minister David Amiel warned on November 4 that the amended version would produce a deficit of 5.9% of GDP rather than the government's intended 5%.
Debt projections and borrowing costs
The Finance Ministry's September 2026 draft budget projects national debt reaching 121.7% of GDP in 2027. Earlier figures show that debt continued to rise even as the annual deficit narrowed: Eurostat data cited by the Council of the EU in June 2026 put the deficit at 5.1% of GDP in 2025, down from 5.8% in 2024. General government debt increased from 112.6% of GDP at the end of 2024 to 115.6% at the end of 2025.
France has been under the EU's Excessive Deficit Procedure since July 2024. The Council recommended in January 2025 that France end its excessive deficit by 2029. Following the European Commission's June 3, 2026, assessment, the procedure was being held in abeyance.
Borrowing costs also provide a measure of the financial pressure. In early November 2026, French 30-year government bonds yielded 5.33%, the highest among the Group of Seven countries. The gap between French and German 10-year government bond yields had reached 178 basis points, its widest since the 2012 eurozone fiscal crisis.
Protests accompany the parliamentary deadlock
More than 600,000 people took part in nationwide strikes and protests on November 5, demanding higher wages and larger public-service budgets. Interior Minister Laurent Nuñez said 70,000 police and gendarmes would be deployed. Estimated damage from protests that began in late September over education funding exceeded €1 billion.
In commentary for Tichys Einblick, Thomas Kolbe characterized the budget defeat as a debacle, pointing to the government's own supporters voting against its draft. He argued that France was in a debt crisis, lacked political leadership, competence and institutional stability, and faced a stalemate that prevented even limited fiscal adjustments.
Senate debate set for November 20
The draft now goes directly to the Senate, with debate scheduled to begin November 20, 2026. The government could subsequently invoke Article 49.3 of the Constitution to bypass a parliamentary vote or adopt the budget through executive orders. The latter option has been described as unprecedented in France's recent history.
With the presidential election approaching in April 2027, the government has repeatedly pledged to secure adoption of the 2027 budget before the end of 2026. It missed that year-end deadline for each of the previous two budgets.
