New French Budget Pairs Crippling Taxes With Tough Spending Cuts

The country's government is - repeat after me - out of money

The French government revealed a tough 2013 budget on Friday that seeks to tackle a €37 billion deficit with tax rises and deep spending cuts as unemployment tops three million and the economy teeters on the brink of recession.

France on Friday unveiled action to plug a 37-billion-euro hole in its public finances with the toughest package of tax rises and spending cuts the country has known in an economic downturn.