Bruno Le Maire and Elisabeth Borne respond to the conclusions of the Senate parliamentary mission on the explosion of the deficit

Stung, they decided to react immediately. During a joint press conference, Bruno Le Maire, Gabriel Attal, Elisabeth Borne and Thomas Cazenave responded, Tuesday, November 19, to the criticisms made by the senators of the Finance Committee on the deterioration of public accounts since October 2023. Former Minister of the Economy Mr. Le Maire castigated a vitriolic report from senators Les Républicains (LR) and Socialist Party (PS) on the responsibility of previous governments regarding the state of finances public, describing it as “indictment of political opponents”, “full of lies”.

“We collectively anticipated, reacted quickly, reacted strongly against all opposition, in particular the Republican group and the Socialist Party group who continued to propose additional spending”insisted the former Bercy resident during a briefing with journalists. “This is an outrageous attack based on allegations that are unrealistic or false”added former head of government Elisabeth Borne.

“Collective denial”

Previous governments were severely damaged on Tuesday by the conclusions of a parliamentary mission from the Senate on the explosion of the deficit. According to the conclusions of the fact-finding mission, all the former leaders, at Bercy, at Matignon as at the Elysée, have their share of responsibility in the widening of the public deficit, expected at 6.1% of GDP at the end of 2024, compared to 4.4% initially forecast. A deficit which would only fall below the 3% authorized by the EU in 2029, making France a poor European student.

“To the general feeling of collective denial about the situation of public finances, is now added a feeling of irresponsibility on the part of those who were in government at the time”launched the rapporteur of this mission, Senator (LR) Jean-François Husson, at a press conference. “The government actually knew the critical state of our public finances as early as December 2023. In our opinion, it should have reacted vigorously. But he didn't do it.”resumed the president (PS) of the Finance Committee, Claude Raynal.

The two senators also believe that many months have been “lost” in the restoration of accounts, due to the reshuffles and especially the dissolution, premise of a “too long wait in the appointment of the new prime minister”. They also regret the absence of an amending budget in the spring, decided according to them by “short-sighted calculations” against the backdrop of European elections and the risk of censorship.

A “political trial”

The two senators believe that state services had information on the slippage in public finances from the end of 2023 and that the government was slow to act or communicate on the subject. They are based in particular on various internal notes from the Treasury, as well as on a letter sent on December 13, 2023 by the Minister of the Economy, Bruno Le Maire, and that of Public Accounts, Thomas Cazenave, to Elisabeth Borne, then Prime Minister , recommending him to communicate on “the critical nature of [la] budgetary situation ».

“The ministers used double talk” between this internal note, perceived as a ” alert “ by M^me Borne, and their reassuring public positions at the time, outraged the senatorial mission. During their hearings, the former officials defended themselves from any “concealment”ensuring all have “controlled spending” and having reacted quickly to economic updates, notably by freezing billions of credits.

The explanation, according to them, lies above all in an error in the assessment of tax revenues, which were 41.5 billion euros lower than forecast. Bruno Le Maire had also shifted part of the responsibility onto his successors, criticizing the Barnier government for not having “implemented” recovery measures prepared during the summer by the resigning team. Gabriel Attal had defended his former minister, castigating a “scandalous political and media trial”.

The National Assembly is preparing to take over: in the coming weeks it will lead a commission of inquiry on the same theme, under the leadership of Eric Coquerel (La France insoumise, Seine-Saint-Denis) and Eric Ciotti (Union of Rights for the Republic, Alpes-Maritimes).