2026 Budget: François Bayrou Imagines a Referendum on a "Comprehensive Plan" to Reduce Deficits

After the (long) initial presentation of the subject two weeks ago, here is the possible second part of the plan of attack for the 2026 budget. Prime Minister François Bayrou raised the possibility of holding a referendum on "a coherent plan, with clear, readable proposals" aimed at reducing deficits and debt, in an interview with the Bolloré-led Journal du Dimanche (JDD) published online Saturday evening.

"It is a comprehensive plan that I want to submit, it will require efforts from everyone , and given the scale that it must be, it cannot succeed if the French people do not support it," the centrist stressed.

François Bayrou also took care to point out that "a referendum can only be decided by the President of the Republic," Emmanuel Macron . "The government proposes, the president decides. But the question of the French people's support for the reforms is the central issue," he continued.

In his New Year's address to the French people on December 31, the head of state had hinted that he might use this constitutional tool, one of the most powerful still at his disposal. "In 2025, we will continue to decide and I will also ask you to resolve some of these crucial issues," Emmanuel Macron declared.

François Bayrou's government, which barely managed to pass the 2025 state and social security budgets at the start of the year, avoiding a series of motions of censure, is now engaged in preparing the 2026 budget. It estimates that it needs to find €40 billion to meet its targets of reducing the public deficit from 5.4% of gross domestic product (GDP) this year to 4.6% next year.

In this interview with the JDD , the head of government reiterates the elements of his diagnosis presented at a conference on public finances last month. He had then promised to announce his budgetary choices for 2026 before July 14. "Our country has two massive challenges ahead of it, the most serious in its recent history: too low production and crushing debt," he insisted this Saturday. "We need a comprehensive plan to return to balance. A production component and a public finance component. Both are essential," he assured.

François Bayrou believes that his plan "must propose precise solutions, with a clear objective : to be less dependent on debt starting this year, and within four years, to return below the 3 % public deficit threshold." "This will require a determined reduction in spending. Through simplification. Through greater efficiency of the State and public action in general," he warned, while reaffirming that "the solution does not lie in new taxes."

With this referendum idea, the Prime Minister is seeking to circumvent the obstacles linked in particular to the lack of a majority in the National Assembly. "When you reform through traditional channels, by forcing through, what happens ? The country goes on strike, demonstrations follow one after the other, and no one knows if those demonstrating truly understand the content of what they are protesting," he believes. That, and the risk of being ejected from his precious seat at Matignon by a motion of censure from the deputies.