France unveils 2018 budget, plans tax cuts and spending cuts

PARIS – French President Emmanuel Macron's government has unveiled its budget for next year, seeking to balance tax cuts with spending cuts to reduce the country's deficit.

France's budget is based on an estimated growth of 1.7 percent next year — the same as this year.

The government plans to cut taxes by 10 billion euros ($11.7 billion) next year in hopes of boosting growth and job hiring. At the same time, the French budget includes 15 billion euros ($17.6 billion) in budget cuts.

Macron's government hopes to decrease its public deficit to 2.6 percent of gross domestic product next year so it is under the 3 percent limit favored by the European Union.

Finance Minister Bruno Le Maire said Wednesday the budget aims to "speed up France's economic changes."