Fitch says the French budget draft is indicative of a weaker starting point

If parliament cannot reach agreement within 70 days, the government could still adopt the budget originally submitted to parliament, by ordinance if no parliamentary vote has taken place within that period, reducing the risk of an extended impasse. But passage of the budget would not in itself resolve the growing scale of the fiscal adjustment that future governments would have to implement to stabilise the debt ratio. We estimate that this would need around 3.5% of GDP of cumulative adjustment, up from our 3.0% estimate in August. A further substantial rise in government debt could then lead to a downgrade.