Government teeters on edge before confidence vote on budget in France

In a dramatic turn of events, French Prime Minister Francois Bayrou has called for a vote of confidence from the Parliament to support his budget cut measures. This move comes as the prime minister, who has been in office for less than a year, grapples with a proposed budget cut of $51 billion.

The far-right and far-left parties, now the largest blocs in Parliament, have voiced their opposition to the proposed measures and announced they will not vote confidence for the government. The far-right party Rassemblement National (RN) is currently projected to gain around 33% of the vote, making it the strongest single party. However, President Macron's coalition "Ensemble" is working to regain parliamentary majority.

The political climate in France is tense, with potential instability and growing influence of opposition groups. The far-right and far-left parties in Parliament have called on Macron to name a prime minister from their camp, a request that Macron has always refused to entertain.

The proposed measures, including working through federal holidays, have been met with public disapproval. The French typically dislike cuts to their generous social welfare system, and Macron's popularity is extremely low, with a recent poll showing he had a 19% approval rating.

The political crisis in France comes just over a year after President Emmanuel Macron lost his majority in Parliament and struggled to appoint a government. Without a new budget and without measures to either raise taxes or cut spending, France's government deficit will continue to grow.

If the vote of confidence is lost, as expected, Macron will have to name a new prime minister following Bayrou's resignation. France's borrowing costs are currently higher than those of Greece and Italy, and the country has a massive debt of 114% of its GDP. Macron's weakened state has led some to label him a "very lame duck" president, with two more years remaining in his term.

The far right has called for an early presidential election for Macron. The political crisis in France is a significant gamble for Prime Minister Bayrou, as the lack of support could lead to his government's downfall. France is facing a critical juncture, with the potential for a change in leadership and significant economic and political repercussions.