The lawmaker of La France Insoumise, Caroline Fiat, had discussions with the Republican deputies, Annie Genevard, Olivier Marleix, and Eric Ciotti, at the National Assembly during the supplementary social security financing bill in Paris on February 17, 2023. Republican deputies are planning to launch an inquiry into the “significant growth of debt” under the presidency of Emmanuel Macron, amidst tensions between the executive and parliamentarians regarding the state of public finances. The Republican group will utilize its annual right to demand the creation of this commission, as mentioned by the group’s leader Olivier Marleix during a meeting at the Assembly’s conference of presidents.
Specifically, the Republicans aim to conduct a parliamentary investigation into “the reasons behind the significant growth of French debt under the presidency of Emmanuel Macron and its consequences on the purchasing power of the French people.” France’s public deficit reached 5.5% of GDP in 2023 as reported by Insee, which is 15.8 billion euros more than expected. The government, however, maintains its objective to reduce the public deficit to below 3% of GDP by 2027. Ten billion euros in savings have already been planned for 2024, with an additional 20 billion in cuts announced for 2025.
The deterioration of public finances and the proposed solutions have sparked a political tug-of-war between the executive and parliamentarians, including within the majority, divided over the reluctance to raise taxes, particularly on high incomes. Gabriel Attal informed Renaissance deputies about the initiation of a mission to propose measures for taxing capital gains by June. Thus far, the government has made decisions through decrees without resorting to a supplementary budget, which would necessitate revisiting Parliament and could result in a vote of no confidence from the right-wing opposition.
Accusing the government of misleading the national representation and the trust of the French people by presenting an “untruthful” budget last autumn, LR leader Eric Ciotti wrote to Gabriel Attal on Friday demanding the passing of a supplementary budget. Unlike previous years, LR is now openly considering the possibility of a vote of no confidence in the government regarding a budgetary bill. This threat is being taken seriously, with Eric Ciotti stating that it is a clear option. In response, the LFI group announced that they would submit a spontaneous vote of no confidence if the government does not return to Parliament through a supplementary budget.
In conclusion, the ongoing debates and tensions surrounding public finances in France are leading to increased scrutiny and calls for action from various political factions. As parties like LR and LFI push for investigations and challenge the government’s handling of economic matters, the future of fiscal policy and budgetary decisions remain uncertain. The potential for a vote of no confidence adds another layer of complexity to the situation, reinforcing the need for transparency and accountability in managing the country’s finances. The outcome of these debates and inquiries will have a significant impact on the economic stability and welfare of the French population in the coming years.
