The French government is seeking deep spending cuts and higher taxes in an effort to tame its ballooning debt and deficit.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday, adding that the government was keeping a close eye on the views of financial markets.

The French government’s newly unveiled 2025 budget has drawn backlash from all sides as it pushes for €60 billion in spending cuts and tax hikes aimed at reducing the country’s “colossal” debt burden.

A rating agency’s warning about the country’s ballooning debt comes as the prime minister tries to push an austerity budget through a divided Parliament.

As France attempts to balance its books, the 2025 budget has been unveiled - including tax hikes for the rich and for businesses, higher electricity bills and cuts to the state-funding of healthcare.

France's new centre-right government, led by Prime Minister Michel Barnier, has introduced an austerity budget aimed at addressing the high national debt. According to an explanation provided by the government following a Cabinet meeting on Thursday,

The French government of Prime Minister Michel Barnier on Thursday is set to deliver its 2025 budget, which is viewed as key to the new government's survival. A spiralling fiscal deficit requires

French finance minister Antoine Armand said on Friday that a belt-tightening budget was aimed at regaining control over a "colossal" debt, adding that the government was keeping a close eye on how financial markets viewed the French debt situation.