France's National Assembly approves 2013 budget draft

French lower house of parliament approved on Tuesday the 2013 budget draft presented by the government, which projected to lower deficit to 3 percent of national output on efforts to cut spending via high taxes. With 317 approving votes, the National Assembly endorsed next year's state budget which expects to trim the gap by 398 million euros (510.12 million U.S. dollars) to 61.237 billion euros. In their first annual budget since taking office in May, the Socialists are working 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. However, economists painted a grim picture over the government's optimistic outlook whose risks could force President Francois Hollande to tighten further the belt amid rising public disenchantment. Considred as "a fighting budget to get the country back on the rails", the draft budget is scheduled to be presented Thursday to the Senate where the left-wing parties enjoy the majority. (1 euro = 1.281 U.S. dollars).