Editorial: Le Monde

• The government failed to close the 'no matter what it costs' door in time, now leading to a financially and politically tortuous path.
• The new budget roadmap appears unsustainable, with the goal of reducing the public deficit to 3% of GDP by 2027 and having to overcome multiple hurdles.
• Short-term difficulties are expected, needing to find an additional 10 billion euros in savings to face a balance between expenses and revenues.
• The government faces challenges on how to balance the books without a majority, and the avoidance strategy was opted after misunderstandings within the executive regarding the opportunity for a collectively-voted budget by Parliament.
• The leader, Emmanuel Macron, finally decided as he believes there is more to lose than to gain by engaging in a parliamentary debate that could shed light on the power's inability to manage public finances.
• Creative finances are in play as amounts that are not being spent are now being asked to be able to recover them at the end of the year.
• There is a threat of a veto from the opposition that could occur during the review of the next budget project this autumn.

Conclusion: Since Emmanuel Macron came to power, debt has slowly become the unaddressed issue of a president who only sees salvation in growth and full employment. The end of the term looks like a long challenge to find long-term budget solutions in a not-so-friendly political and social context.

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