France's debt: faced with deficits, the majority divided on tax increases

Jacques Serais // Credits: THIBAUT DURAND / HANS LUCAS / HANS LUCAS VIA AFP 6:21 a.m., March 26, 2024

Is there panic on board? In 2023, France's public deficit represents 5.6% of the country's GDP instead of the 4.9% that was planned. An announcement, much higher than expected, which sows discord in the presidential majority. While Emmanuel Macron has always refused to increase taxes, tongues are loosening and some want the executive to reverse this promise for companies making “super profits”. It must be said that faced with the gaping debt hole, some people in Macronie are starting to feel dizzy. “There should be no taboo!” even declared the President of the National Assembly Yaël Braun-Pivet.  

>> READ ALSO - 

Economy: asphyxiated by debt, the government wants to attack the social model

“In 2017, when we followed the adventure of Emmanuel Macron, it was precisely because we refused dogmas,” she added. However, the dogma that poses a problem to him has become a rule set by the President. “There will be no tax increase in France,” repeats the head of state. Emmanuel Macron, who barely a year ago was still criticizing the idea of ​​a targeted increase, calling it a “stupid trap in the debate on the taxation of the rich”.

Target superprofits 

Emmanuel Macron is under pressure today. In addition to Yaël Braun-Pivet, François Bayrou, the boss of Modem and historic ally of the tenant of the Élysée, is also taking to the front and calling on the government to discuss the targeting of superprofits. A call which gives satisfaction to the president of the finance committee of the Assembly, the rebellious deputy Eric Coquerel. Even Bruno Le Maire, the Minister of the Economy, now says he is “open to discussions”. At the risk that this path contradicts the presidential promise.