France President Nicolas Sarkozy announced a wide-ranging series of tax measures intended to generate an extra 11 billion euros, about $15.9 billion, in revenues for 2012, which is an election year.
Budget of the year is expected to be bolstered by an additional $1.4 billion, said Prime Minister François Fillon at an evening news conference.
From NYTimes.com:
Mindful of the downgrade of American debt this month and the troubles in other European economies, Mr. Sarkozy has said he is committed to hitting lower debt targets for the next three years in order to keep the confidence of the markets and maintain France’s triple-A credit rating. But with French growth forecasts slipping — Mr. Fillon announced newly reduced projections of 1.75 percent for 2011 and 2012 — the government has been obliged to scramble to find alternative revenue sources.
“We have set ourselves on a trajectory,” Mr. Fillon said. “That trajectory commits us.”
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That’s not just logic. That’s ralely sensible.