For almost 40 years France has spent more than it has made.
As a remedy the French Prime Minister Manuel Valls is pushing for a $70bn spending cut in the parliament. This means budget cuts in areas like healthcare.
Meanwhile, the PM is also trying to encourage job creation by cutting taxes for businesses. This gives France a difficult predicament of simultaneously trying to cut taxes and slash its deficit.
Al Jazeera's Jacky Rowland reports.