France’s deeply fragmented National Assembly, lacking a stable majority, continues to complicate passage of the 2027 budget amid plans to deliver roughly €30 billion in spending restraint while growth forecasts for 2026 have been cut to 0.5 percent and the deficit target above 5 percent of GDP has slipped out of reach. Recent revisions to economic assumptions and elevated borrowing costs have narrowed fiscal headroom, while opposition parties on both the left and right have signaled resistance ahead of the 2027 presidential contest. Constitutional deadlines under Article 47 allow the government to resort to ordinances after early December, but historical reliance on special laws or 49.3 procedures in prior cycles raises the probability that a fully enacted budget will not clear both chambers by year-end. Key near-term catalysts include the September 30 bill presentation and October parliamentary debates.