France's National Assembly Cancels Tuesday's Budget Revenue Vote: First Reading Postponed Until October 27 With More Than 2,000 Amendments Pending as Lawmakers Take Up the Social-Security Financing Bill First
France will not hold Tuesday's scheduled revenue-budget vote, and the budget's first reading will resume only from October 27, four days after Moody's scheduled review on Friday, October 23, according to FXStreet's Tuesday market roundup. More than 2,000 amendments remained outstanding after a week of debate, with the Assembly suspending the state-budget examination to begin the social-security financing bill on Tuesday. The finance committee had already rejected the government's revenue proposals.
The administration's deficit target is 5% for 2027, against 5.4% this year, and it has not secured a majority; the fiscal plan envisages approximately €54 billion of measures, of which €43 billion are new provisions across the budget and social-security bills. Monday's OAT selloff carried the 10-year yield toward 4.90% against Bunds around 3.44%, a spread of about 146 basis points, versus roughly 138 basis points at the start of Monday's session, FXStreet said. Reuters reported on Tuesday that French government bond yields climbed further after their biggest daily rise in nearly a month, with the 10-year OAT yield up 3 basis points at 4.96% and the gap over Bunds widening by 5.5 basis points to 152.50 basis points.
The October 20 revenue ballot has been removed, the debate returns on October 27, and the November 17 vote on the overall budget remains vulnerable to the unfinished first part. FXStreet said Prime Minister Lecornu says targeted curfews helped restore order overnight but may be reinstated locally, and that any further concessions following the protests would need to be accommodated within the fiscal legislation. Benjamin Schroeder, a senior rates strategist at ING, told Reuters that the unrest shows whoever governs France will struggle to push through reforms and budget savings in the face of public resistance.
Source: GSM · USA (original Chinese edition)
Photo: 法国国民议会波旁宫议事厅（2026 年 7 月摄）资料图。照片：Dev Jadiya 摄，CC BY-SA 4.0，经维基共享资源。 / File photo: the hemicycle of the French National Assembly at the Palais Bourbon in Paris (July 2026). Photo by Dev Jadiya, CC BY-SA 4.0, via Wikimedia Commons.
