French publication Les Echos reported that the French government planned to reduce spending by €4.2 billion to €428.8 billion in 2024. The bill has already been sent to the parliament. Notably, the last time the French authorities decided to cut spending was in 2015. The bill scales back massive subsidies aimed to shield consumers from soaring energy bills. In addition, the authorities are planning significant cuts in health care. Next year, France will reduce its spending on the recovery of the economy affected by the consequences of the pandemic. Meanwhile, France is following the US in terms of spending cuts. Earlier, the media reported that in June the country's budget deficit amounted to $227.768 billion against May's $240.348 billion. According to the US Treasury Department, government spending rose by 17.6% year-on-year in June to $646.085 billion. Meanwhile, revenues fell by 9.2% to $418.317 billion.
