Editorial: Le Monde

• Prime Minister Michel Barnier is proposing a budgetary adjustment of 60 billion euros for 2025, with a third in tax increases and two-thirds in savings, a distribution that lacks consensus.
• The 'neither nor' approach of President Emmanuel Macron - neither tax hikes nor spending cuts - has led the country into a dead-end.
• The public deficit has decreased by 52 billion euros in less than a year when compared with the initial finance bill.
• The opposition criticizes the situation but has not shown a great deal of proactivity in moderating an reckless fiscal policy.
• Despite austerity charges against Barnier, the budget foresees a 2.1% increase in public spending in the face of 1.8% inflation.
• The tax increase was unavoidable given the emergency budgetary conditions and lack of time to prepare measures.
• The inability to properly finance the social model is directly linked to the runaway deficit and debt.

Conclusion: Under the most unfavorable political conditions, Michel Barnier has the unenviable but necessary task of restoring budgetary credibility with our European partners and creditors.

---