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Macron government to cut taxes _ and spending

French President Emmanuel Macron gestures after delivering a speech on the European Union at the amphitheater of the Sorbonne university in Paris, France, Tuesday, Sept. 26, 2017. Macron is laying out his vision Tuesday for a more unified Europe, with a joint budget for countries sharing the euro currency and a stronger global voice despite Brexit looming. (Ludovic Marin/Pool Photo via AP)
French President Emmanuel Macron gestures after delivering a speech on the European Union at the amphitheater of the Sorbonne university in Paris, France, Tuesday, Sept. 26, 2017. Macron is laying out his vision Tuesday for a more unified Europe, with a joint budget for countries sharing the euro currency and a stronger global voice despite Brexit looming. (Ludovic Marin/Pool Photo via AP) French President Emmanuel Macron gestures after delivering a speech on the European Union at the amphitheater of the Sorbonne university in Paris, France, Tuesday, Sept. 26, 2017. Macron is laying out his vision Tuesday for a more unified Europe, with a joint budget for countries sharing the euro currency and a stronger global voice despite Brexit looming. (Ludovic Marin/Pool Photo via AP)

By Associated Press 2 min read

PARIS (AP) – As part of its budget plan for next year, French President Emmanuel Macron’s government is seeking to balance tax cuts with spending cuts to reduce the country’s deficit.

France’s budget, presented Wednesday in a Cabinet meeting, 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) worth of budget cuts. Macron was elected in May on a promise to make French economy more competitive in a globalized world.

Macron’s government hopes to decrease its public deficit to 2.6 percent of the country’s annual GDP. That will be below the 3 percent limit prescribed by the European Union.

Finance Minister Bruno Le Maire said the budget aims to “speed up France’s economic changes” and that the country’s problems won’t be solved by more public spending.