France Hits Big Firms, Wealthy to Trim ‘Colossal’ Debt Pile (2)

The French government unveiled a budget for next year that aims to deliver a €60.6 billion ($66.2 billion) remedy for its creaking public finances and rebuild investor confidence even as it risks eviction by a hostile parliament.

Spending cuts will account for just over two thirds of what Finance Minister Antoine Armand called an unheard-of fiscal effort, with the rest coming from higher taxes on businesses, the wealthy and energy.

“Our country is in an unprecedented situation and at a pivotal moment,” he told reporters during a presentation of the delayed draft bill on Thursday. “The French economy is ...