France to outline $14 billion in deficit cuts

France will seek to raise at least 10 billion euros ($14 billion) in extra revenues with a package of fiscal measures on Wednesday aimed at ensuring a growth slowdown does not undermine its triple-A credit rating.The measures, pulled together after stocks were hit by fears over the rating’s stability, are expected to scrap tax exemptions and incentives worth an estimated 3-4 billion euros.Prime Minister Francois Fillon has called a news conference for 1800 local (1600 GMT) to unveil the package put together by the budget and finance ministers under strict orders from President Nicolas Sarkozy, who interrupted his Riviera holiday for an emergency meeting earlier this month.Eight months from a presidential vote where he faces a tough battle for re-election, Sarkozy is steering clear of dramatic spending cuts of the kind imposed in Italy and Spain. His government has pledged instead more tax on high earners, in what analysts say is a symbolic gesture to sweeten the pill.“These reforms will be fairly spread out in order to reduce the deficit and protect growth and jobs,” Budget Minister Valerie Pecresse told a news conference, adding there would be no wide-ranging tax rises or reductions in welfare services. From / Gulf Today