faced with the public deficit, Emmanuel Macron must now arbitrate

While the figures look bad, the head of state held meetings on Wednesday March 20 until late at the Elysée.

What savings in the face of a budget that is slipping? Emmanuel Macron held meetings until late on Wednesday March 20 at the Elysée on the slippage of the public deficit which threatens France’s credibility on the markets and fuels a trial in “incompetence” budget instructed by the oppositions.

If INSEE only delivers its verdict on March 26, the figures are not good and the government knows it: the 2023 public deficit will be “significantly“higher than the 4.9% of GDP forecast, warned the Minister of the Economy, Bruno Le Maire. The objective of a deficit reduced to 4.4% this year appears out of reach. Figures which worry especially since the executive has already cut 10 billion euros in spending for this year.

“Do in 4 years what we had to do in 5”

So, Emmanuel Macron hopes to correct the situation, without denying himself: facing the ministers and executives of the majority, the head of state listened, without revealing himself. “The idea of ​​the meeting, as for several weeks, is to take into account the new context“, defends Thomas Cazenave, Minister Delegate in charge of Public Accounts on franceinfo, Thursday March 21, referring to the war in Ukraine, but also the European and Chinese economic slowdowns: “This external shock is a new deal for our public finances“.

But the message is clear, there is no question of changing the paradigm, even if difficult decisions will have to be made. He thus still refuses tax increases, although timidly mentioned by some around the table. But does not hide its desire to create wealth through employment, an allusion to the future new reform due to unemployment insurance.

But for the rest, savings will be necessary: ​​”Do in 4 years what we had to do in 5″, warns Bruno Le Maire. But “few avenues are mentioned”, says a participant, when François Bayrou expressed his opposition to savings on local authorities. All that remains is that cuts will have to be found, and it is Emmanuel Macron who will arbitrate.

In the meantime, the Head of State played campaign director, calling on his troops to make fewer comments and more mobilization in view of the European elections. Because he knows: the political capacity of the executive to have its budgetary decisions accepted will also depend on the majority score on June 9.