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French Premier Vows to Cut Budget Deficit
World Economy

French Premier Vows to Cut Budget Deficit

France’s prime minister overwhelmingly won a confidence vote in the National Assembly after vowing to bring the country’s budget deficit under the European Union limit of 3% this year without raising taxes. Prime Minister Edouard Philippe told lawmakers that France’s debt had reached “an unbearable level,” putting the country “at the mercy of financial markets.” He said there will be expenses cuts but pledged not to raise taxes, AP reported. Philippe won the vote in France’s lower house of parliament by 370-67. Besides getting support from President Emmanuel Macron’s party—which has a wide majority after a landslide win last month—he also got votes from centrist allies and even some conservative lawmakers. “The truth is that while our German neighbors raise €100 ($113.6) in taxes and spend 98, we are raising €117 and are spending 125. Who can think this situation is sustainable?” he said. Philippe pledged to stop increasing the number of state employees, to focus the government on its main priorities and to stop spending money on policies that don’t deliver results.

 

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