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France Passes 2026 Budget After Months of Political Deadlock

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France’s 2026 budget has finally been approved after two no-confidence motions failed in the National Assembly, bringing an end to months of political uncertainty. Prime Minister Sebastien Lecornu, leading a weak minority government, secured the passage of the budget with targeted concessions to Socialist lawmakers, including delaying an unpopular pension reform. Lecornu emphasized that the budget reins in public spending without raising taxes for households or businesses.

The delayed budget, which had unsettled markets and alarmed European partners, now provides a period of stability ahead of the 2027 presidential election. Despite a still-high deficit of 5% of GDP, investor confidence has improved, and the French debt risk premium has returned to pre-election levels. Lecornu’s flexibility and compromise have preserved Macron’s legacy of attracting foreign investment.

With domestic reforms largely stalled, President Emmanuel Macron is now focusing on foreign policy, including reducing Europe’s dependency on foreign powers and addressing trade disputes with the U.S. Meanwhile, the centrist bloc faces uncertainty with no clear successor, while former prime ministers Edouard Philippe and Gabriel Attal, along with Lecornu, position themselves for the upcoming presidential race.

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Thousands Protest Bulgaria’s 2026 Budget, Clashes Erupt in Sofia

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Thousands of demonstrators gathered in Sofia and several other Bulgarian cities on Monday to protest the government’s proposed 2026 budget—the first drafted in euros ahead of the country’s planned adoption of the common currency on January 1. The protests, organised by the opposition PP-DB coalition, saw crowds rally outside parliament, where some participants clashed with police and threw stones, bottles and firecrackers. Officers cordoned off buildings linked to the ruling parties to contain the unrest.

The demonstrations follow a similar wave of protests on November 28, after which the minority government led by Rosen Zhelyazkov agreed to re-submit the draft budget for further consultations. The spending plan had already passed a first reading in a parliamentary committee earlier in November. Critics argue the proposed increases in social security contributions and taxes on dividends are unjustified and accuse the government of mismanaging public funds.

Public concern has also grown over Bulgaria’s upcoming transition to the euro. Nearly half the population opposes the move, citing fears over national sovereignty and potential price hikes during the currency changeover. European Central Bank President Christine Lagarde recently cautioned that inflation may rise when Bulgaria joins the eurozone.

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French PM Urges Lawmakers to End Budget Standoff and Pass 2026 Bill

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French Prime Minister Sebastien Lecornu has pressed lawmakers to pass the 2026 national budget before the end of the year, following the lower house’s rejection of key tax provisions. The bill now moves to the Senate, where a review will begin immediately, amid rising political tensions within France’s fragmented parliament.

Lecornu said there is still time to reach consensus and called on opposition groups to avoid blocking the legislative process. With President Emmanuel Macron’s minority government facing intense pressure from both the far right and far left, any setback could trigger a no-confidence vote that may topple the prime minister. He said he would meet party leaders in the coming days to negotiate a compromise.

Once the Senate debates the proposal, a joint committee will attempt to reconcile differences between the two chambers before a final vote in the lower house. Lecornu stressed that the government is determined to keep next year’s deficit below 5% of GDP, despite major revisions expected to the initial plan, which includes over €30 billion in deficit reduction primarily through spending cuts and selective tax increases.

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