Paris:France's National Assembly has decisively rejected the government's draft social security budget for 2027 during its first reading, shifting the legislative focus to the Senate.

According to Anadolu Agency – English, lawmakers voted 115-1 against the revenue provisions of the budget, having stripped away most of the significant measures. This rejection led to the entire bill's defeat without a review of its spending elements.

The opposition included left-wing lawmakers, the far-right National Rally and its allies, along with a majority of the conservative Republicans, who all voted against the proposal. Meanwhile, most government supporters abstained from voting, with a single member from the centrist MoDem party voting in favor.

The Senate is set to begin examining the initial version of the bill on November 9. This proposal had previously been rejected by the National Assembly's Social Affairs Committee earlier in the month.

The government's draft aimed to achieve considerable savings, intending to reduce the social security deficit to £12.7 billion ($14.7 billion) by 2027, down from £21.8 billion in 2026, as reported by Le Monde. Retirees are expected to bear a significant portion of these savings.

In a recent publication, France's Court of Auditors emphasized the necessity for the government and parliament to balance the social security budget by 2030, advocating for corrective action in the upcoming year.

This legislative activity occurs amid widespread protests concerning school conditions and the cost of living. Additionally, France's 10-year government bond yield has climbed above 5% for the first time since 2002, indicating rising concerns about public debt, social unrest, and the government's capacity to pass its 2027 budget.