French gov't aims to reduce deficit to 5 pct of GDP in 2025

PARIS, Oct. 10 (Xinhua) -- The French government unveiled its 2025 draft budget on Thursday evening, committed to bringing the deficit down to 5 percent of its GDP in 2025 from this year's 6.1 percent, by enacting 60.6 billion euros (66.3 billion U.S. dollars) worth of spending cuts and taxes hikes, according to local media reports.

Of the amount, 41.3 billion euros are expected to come from spending cuts, with the remaining from tax increases targeting high-revenue companies and high-income households.