2026 Budget: "A fairly serious question," François Bayrou suggests holding a referendum

A referendum to overcome political stalemates and reform the state and its finances. This is the option put on the table Saturday by Prime Minister François Bayrou, who reiterated that he is facing a "Himalaya" of difficulties.

Rejecting the "artichoke method" of separate and disparate measures, the head of government pledged to present a "coherent plan, with clear, readable proposals" to reduce deficits and debt, in an interview with the Journal du Dimanche (JDD) published online Saturday evening.

"This 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," he declared.

François Bayrou's government, which managed to pass the 2025 state and social security budgets at the beginning of the year, avoiding a series of motions of censure, is now engaged in preparing the 2026 budget.

He estimates that he needs to find 40 billion euros in savings to meet his 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 faces two massive challenges, the most serious in its recent history: too low production and crushing debt," he emphasized on Saturday.

Deprived of a majority in the National Assembly and facing opposition from economic sectors, François Bayrou sees the referendum as a way to circumvent the blockages. But it is a constitutional prerogative of the head of state and always an extremely risky political gamble.

"A referendum can only be decided by the President of the Republic. The government proposes, the President decides. But the question of the French people's support for the reforms is the central issue," he said. Never before under the Fifth Republic has such a consultation of the French people been organized to have a budgetary text adopted.

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." "I think the issue is serious enough, with enough serious consequences for the future of the nation, for it to be addressed directly to citizens," he added.

In this interview, the centrist leader notes the failure of attempts to carry out structural reforms in the areas of government and public finances. "When you reform through traditional channels, by forcing things 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."

François Bayrou does not rule out a reduction in the number of civil servants, which he considers "possible and beneficial" but would result from a reform of the missions of the State and local authorities.

Prime Minister since December 13, when he took over from Michel Barnier, who was censured over the social security budget , François Bayrou regularly highlights the "Himalayas" that stand in the way of his actions. "And a Himalaya is not a mountain, it's a chain. With several peaks, all above 8,000 meters," he told the JDD