Weekly newspaper Le Journal du Dimanche said Hollande's government had finalized the "budgetary effort" required as France tries to hit its public deficit target of 3 percent of gross domestic product (GDP) next year or risk losing investors' trust.

The budget will be presented at a September ۲۸ cabinet meeting, pushed back by two days to allow for Hollande ' s trip to the United Nations ' General Assembly in New York and is expected to be the most austere budget in ۳۰ years.

Hollande said last week that by holding state spending steady next year in nominal terms, excluding debt servicing and pension payments, his government would save ۱۰ billion euros in inflation - adjusted terms.

However, that would amount to just one third of the more than ۳۰ billion euros in savings which Hollande says are needed to hit next year ' s deficit target and stay on course to balance the budget by the end of his five - year mandate.

With his government refusing to cut staffing levels, the bulk of the adjustment will have to come from tax rises.

The increase in taxes would be " between ۱۵ to ۲۰ billion euros, " the paper said citing an unidentified source. It added the rises would target firms, wealthy households and savings.

Hollande may also lower the ۲۰۱۳ growth forecast to a maximum of ۱ percent if it is finalized ahead of the television interview at ۸ p. m. EDT(۱۸۰۰ GMT), the paper said.

The French government is sticking with its ۲۰۱۳ economic growth forecast of ۱.۲ percent for now but could still trim it in an upcoming budget bill given gloomier estimates by economists, the prime minister ' s office said on September ۵.

" I don ' t expect much tonight, " Marine Le Pen, president of the far - right National Front, told reporters on Sunday. " When the plane crashes on take - off there ' s little chance of flying. This government crashed on take - off. "

Four months into Francois Hollande ' s presidency, tumbling ratings, cabinet squabbles and talk of inertia have forced him to rethink a soft - touch leadership style that has raised doubts he has the clout to revive France ' s economy.

Having won the May election with ۵۱.۶ percent of the vote, Hollande ' s ratings have slid below ۵۰ percent in less than half the time it took Sarkozy to fall from favor.

A BVA poll published for Le Parisien on Sunday suggested that almost ۶۰ percent of French people are " relatively unhappy " with the president ' s start compared with ۳۴ percent on May ۳۱.

In an interview with Le Monde ' s weekend edition, Hollande defended his style, but admitted the government needed to step up a gear.

"I continue to believe that I was right to push for a period of consultation rather than an accumulation of good or bad decisions," he said. "(But) the urgency is such that it is necessary to accelerate."