On Thursday, February 6th, the French Senate approved the 2025 budget, forwarding it to the constitutional council for review.
Pending council endorsement, President Emmanuel Macron will be able to sign it into law, resolving a political crisis that has unsettled markets.
The budget aims to reduce the deficit by cutting spending and increasing taxes on affluent individuals and corporations.
Prime Minister Francois Bayrou wielded special constitutional powers to push through the budget after the previous government's failure to pass one in 2024, following extensive negotiations with various political factions.
Speaking in front of the chamber, Senator Jean-Francois Husson emphasized the urgency by stating, "There is not a second to lose," on behalf of those who finalized the budget text.
In December, lawmakers implemented special legislation to sustain essential government operations and prevent a shutdown resembling those in the United States, setting the stage for a new budget process for 2026 in the upcoming months.