France temporarily overcomes budget crisis - Lawmakers approve emergency law, in effect until end of January
French lawmakers passed an emergency law to keep the state running in January until a full budget for 2026 can be approved by the deeply divided parliament.
Prime Minister Sebastien Lecornu rushed to introduce the legislation late Monday after lawmakers from both chambers failed on Friday to reach a compromise text for the 2026 budget, due to divisions over spending cuts and tax increases.
The law, which passed unanimously in the House and Senate, allows the state to extend its 2025 spending limits into the new year and collect taxes and issue debt.
"This will allow us to collect taxes and run public services from January 1," Lecornu said in an address to the nation on Tuesday evening ahead of Senate approval.
Investors and ratings agencies are scrutinizing France's finances as Lecornu tries to rein in a budget deficit that is set to reach 5.4% of national output this year, the highest in the 20-nation euro zone.
Lecornu's minority government has little room for maneuver in the divided parliament, where budget battles have already toppled three governments since President Emmanuel Macron lost his majority in the 2024 snap election.
The Prime Minister said he will now focus with his cabinet and the various political parties on negotiating a full budget for next year with a budget deficit below 5% of GDP.
France used emergency transfer legislation last year until a proper budget for 2025 was approved in February, which the government said cost 12 billion euros.
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