Bruno Le Maire Addresses Senate on Budget Issues and Plans to Resolve Financial Challenges

Senate hearings are underway to investigate the causes of the budgetary derailment, with key figures like Bruno Le Maire and Gabriel Attal scheduled to testify. Concerns have arisen over a projected public deficit of 6.1% of GDP for 2024, significantly higher than anticipated. Lawmakers emphasize the need for accountability regarding prior government actions and budgetary transparency. The inquiry aims to clarify these financial issues before discussions on the 2025 budget begin, with enhanced oversight from the National Assembly’s Finance Committee.

Understanding the Budgetary Derailment

What led to the budgetary derailment? The Senate is probing this question through an inquiry commission at the National Assembly. On Thursday, Bruno Le Maire will address the Finance Committee, followed by Gabriel Attal on Friday, as part of an effort to “drain the abscess” ahead of the upcoming examination of the 2025 budget proposal. Le Maire, the former Minister of Economy, will present at 8:00 AM, marking the start of a series of hearings aimed at shedding light on the issues surrounding public finances.

Investigating the Public Deficit Crisis

Following Le Maire, former Minister of Public Accounts Thomas Cazenave will testify in the afternoon, with Gabriel Attal set to appear on Friday at 9:00 AM, and former Prime Minister Elisabeth Borne scheduled for November 15. Together, they will attempt to clarify the reasons behind the significant public deficit, projected to hit 6.1% of GDP in 2024, a stark increase from the 4.4% initially planned in the state budget. Jean-François Husson, the general rapporteur for the budget from The Republicans, states, “It is essential to understand what transpired and the responsibilities of each party involved.” He emphasizes the need for accountability within the government.

As the senatorial majority, a coalition of LR and centrists, rallies behind the Barnier government, Husson highlights the importance of addressing these budgetary issues before the 2025 budget discussions commence at the Luxembourg Palace. He notes “real navigation errors” made by the former administration and expresses concerns over “the opacity of budgetary communication.” Both Husson and Claude Raynal, the president of the Finance Committee, believe that the government was aware of the potential derailment earlier than it acted upon.

Bruno Le Maire, defending his actions, stated, “I have always demonstrated sincerity, honesty, and a commitment to the truth.” After stepping down from his political role, he affirmed his intention to answer parliamentary inquiries “with complete transparency,” insisting that “the truth will emerge.” His associates claim he is ready to face the allegations and clarify the facts surrounding the situation.

Moreover, a parliamentarian close to Le Maire mentioned that the Ministry of Economy and Finance had recognized the deficit’s acceleration, citing actions taken in February to cancel €10 billion in credits and propose a revised finance bill in spring. Gabriel Attal later stated that he had crafted a 2025 budget that included “fifteen billion in savings” before passing the baton to Michel Barnier, emphasizing that they had identified €40 billion in savings over the past eight months.

These Senate hearings set the stage for a critical meeting before the Finance Committee of the National Assembly, which has enhanced its inquiry commission powers to tackle this issue over the last six months. Three deputies will lead these proceedings: Eric Coquerel from LFI as president, with opposition member Eric Ciotti from UDR and Mathieu Lefèvre from EPR representing the relative majority as rapporteurs.

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