French President Emmanuel Macron, right, and Prime Minister Michel Barnier stand at attention during commemorations marking the 106th anniversary of the November 11, 1918, Armistice, ending World War I, at the Arc de Triomphe in Paris, Monday, Nov. 11, 2024. Photo: AP

President Emmanuel Macron insisted he will serve the rest of his term until 2027 despite growing opposition calls for his departure amid the turmoil. However, Macron will need to appoint a new prime minister for the second time this year, further reshaping France’s political balance after his party’s losses in July’s legislative elections.

The political drama comes as Macron, currently on a presidential visit to Saudi Arabia, dismissed the threat of a government collapse, according to French media reports Tuesday, saying discussions about his potential removal from office were “make-believe politics.”

“I’m here because I’ve been elected twice by the French people,” Macron said. He was also reported as saying: “We must not scare people with such things. We have a strong economy,” Macron said.

The no-confidence motion rose from fierce opposition to Barnier’s proposed budget. The National Assembly, France’s lower house of parliament, is deeply fractured, with no single party holding a majority. It comprises three major blocs: Macron’s centrist allies, the left-wing coalition New Popular Front, and the far-right National Rally (RN). Both opposition blocs, typically at odds, are uniting against Barnier, accusing him of imposing austerity measures and failing to address citizens’ needs.

On Tuesday morning, National Rally leader Jordan Bardella - whose party’s goodwill was crucial to keeping Barnier in power - confirmed support for the motion, calling the budget “flawed and harmful” to the French people. Left-wing leaders have echoed similar criticisms, demanding more robust social spending.

The National Assembly said the no-confidence motion requires at least 288 of 574 votes to pass. The left and the far right count over 330 lawmakers — yet some may abstain from voting.

If Barnier’s government falls, Macron must appoint a new prime minister, but the fragmented parliament remains unchanged. No new legislative elections can be held until at least July, creating a potential stalemate for policymakers.

While France is not at risk of a U.S.-style government shutdown, political instability could spook financial markets. Barnier even warned of “ a big storm and very serious turbulence on the financial markets,” if his budget bill were to be rejected by the French Parliament.

France is under pressure from the European Union to reduce its colossal debt. The country’s deficit is estimated to reach 6% of gross domestic product this year and analysts say it could rise to 7% next year without drastic adjustments. The political instability could push up French interest rates, digging the debt even further.