France approves social security budget - National Assembly approves bill amid political tensions
The Social Security Financing Bill was narrowly passed by the lower house of the French parliament. It was a major victory for Prime Minister Sébastien Lecornu, who is facing a complicated situation as he tries to curb a growing deficit.
In total, 247 MPs voted in favor and 234 against, while 93 abstained.
Lecornu made last-minute concessions to secure the votes of the center-left Socialist Party, alienating the conservative Republican Party and his centrist alliance. In the end, the majority of the centrist alliance voted in favor of the bill, while the conservative right either voted in favor or abstained.
The government had warned MPs that if the social security budget for next year was to collapse, public finances could deteriorate rapidly.
Last week, a document was sent to MPs suggesting the deficit could reach 30 billion euros by 2026, a level considered “extremely worrying” by Social Security officials. The deficit expected for 2025 is estimated at around 23 billion euros.
Social security accounts for over 40% of France's total public spending. France's public deficit is currently one of the largest in the eurozone.
The social security budget also carries a major political issue: the suspension of President Emmanuel Macron's pension reform. This suspension "freezes" the increase in the retirement age from 62 to 64 until January 2028, after the next presidential election.
Although the text was approved by the National Assembly, it will now go to the Senate for a new examination. Sébastien Lecornu will then have to face the next major obstacle: the approval of the state budget plan for 2026, a particular legislative project where compromise has proven difficult. Both of Lecornu's predecessors, Michel Barnier and François Bayrou, were ousted after trying to push through significant budget cuts.
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