Prime Minister Michel Barnier announced steep spending cuts and tax hikes for France's biggest companies and wealthiest individuals on Tuesday, saying there was no other way to narrow a gaping budget deficit.

France's new Prime Minister Michel Barnier pledged new taxes and spending cuts Tuesday to reduce a "colossal" debt, in a policy address that met with a raucous reception from lawmakers

Prime Minister Michel Barnier announced steep public spending cuts and targeted tax hikes for France's biggest companies and wealthiest individuals on Tuesday, saying there was no other way to narrow a gaping budget deficit.

Michel Belot PARIS (Reuters) -Targeted tax rises and spending cuts will be required to narrow France's gaping budget deficit, Prime Minister Michel Barnier said on Tuesday as he outlined his new government's policy plans to parliament.

France's new Prime Minister Michel Barnier pledged new taxes and spending cuts Tuesday to reduce a "colossal" debt, in a policy address that met with a raucous reception from lawmakers who could topple his government at any time.