France is staring down a political and fiscal cliff as budget talks collapse in Paris. With divisions deepening across the left, right and centre, President Emmanuel Macron’s government has rolled out an emergency stopgap law to keep the state functioning into 2026. Ministers insist it is only a temporary fix, but critics warn it masks deeper failures on jobs, deficits and growth. Investors are watching closely as pressure mounts to rein in spending and hit deficit targets. Even if the bill passes, a far tougher budget showdown still lies ahead for Macron’s fragile government.