France's Senate rejects 2013 budget draft

French upper house of parliament, the Senate, rejected Wednesday the Socialists' first budget that aims to collect additional 37 billion euros (47.87 billion U.S. dollars) to meet next year's deficit target. Adopted by the National Assembly last Tuesday, French budget draft for 2013 was blocked by 165 senators and 156 senators voted to support it, adding more pressure on President Francois Hollande to fulfil his promises to bring wealth and create more jobs for the 65 million population. "We do not accept a fiscal policy which is unacceptable," news channel BFMTV quoted Philippe Marini, president of the major opposition party UMP financing committee as saying. A joint committee composed of seven deputies and seven senators will examine once again the draft budget to bridge the differences between the parliament's two houses. The National Assembly, which has constitutionally the last word in approving laws, was scheduled to pass next's year budget before holidays in Dec. 20. In their first annual budget since taking office in May, the ruling Socialists want to save more than 30 billion euros for 2013, the toughest adjustment in three decades, to trim budget gap to 3 percent of national wealth from an expected 4.5 percent this year. As for growth target, the government eyes to expand the country's national wealth by 0.3 percent this year and by 0.8 percent in 2013 on efforts to axe public spending and improve competitiveness. (1 euro = 1.293 U.S. dollar)