France presents its 2016 budget, including 11 billion euros ($12,3 billion) in tax cuts

French Prime Minister Manuel Valls, right, speaks during a joint media conference with European Commission President Jean-Claude Juncker, left, at the Hotel Matignon in Paris, France, Tuesday, Sept. 29, 2015. French Prime Minister Manuel Valls and European Commission President Jean-Claude Juncker discussed on Tuesday the economic situation in France. (AP Photo/Michel Euler) (The Associated Press)

European Commission President Jean-Claude Juncker, left, is welcomed by French Prime Minister Manuel Valls, right, at the Hotel Matignon in Paris, France, Tuesday, Sept. 29, 2015. French Prime Minister Manuel Valls and European Commission President Jean-Claude Juncker discussed on Tuesday the economic situation in France. (AP Photo/Michel Euler) (The Associated Press)

PARIS – The French government is presenting its 2016 budget, which includes 11 billion euros ($12.3 billion) in tax cuts, in an effort to loosen up an economy burdened with 10 percent unemployment.

The budget detailed Wednesday in a Cabinet meeting is based on expected economic growth of 1.5 percent next year.

The government plans 9 billion euros ($10.1 billion) in corporate tax breaks to boost hiring and investment. Income taxes will be cut by 2 billion euros ($2.2 billion).

It's the first budget under President Francois Hollande that meets the government's deficit targets. France is trying to bring the deficit within the EU limit of 3 percent of gross domestic product by 2017.