French Prime Minister Francois Bayrou has unveiled a controversial plan to slash 43.8 billion euros ($51 billion) from state spending, warning that mounting debt poses a "mortal danger" to the nation.

The budget plan proposes to freeze pensions and civil service salaries, cap welfare spending, reduce healthcare expenditure by 5 billion euros, cut public sector jobs, introduce a "solidarity contribution" for "the wealthiest", and eliminate pensioners' business expense breaks.

Bayrou sparked protests from opponents by suggesting two public holidays could be cut in an effort to tackle the country's growing deficit, strengthen the economy, and prevent France from being "crushed" by debt.

According to Bayrou, canceling public holidays on Easter Monday and May 8 would generate additional tax income through increased economic activity.

May 8 holds deep historical importance across France and the continent as it marks Nazi Germany's 1945 surrender and Europe's World War II victory.

Outlining the 2026 budget in Paris on Tuesday, the prime minister said: "The entire nation has to work more so that the activity of the country as a whole increases, and so that France's situation improves. Everyone will have to contribute to the effort."

French President Emmanuel Macron has instructed Bayrou to cut debt while boosting military spending. The previously estimated 40 billion euros in budget cuts required must now accommodate the extra 3.5 billion-euro funding for 2026 defense spending.

European Union rules require France to reduce its public deficit from 5.8 percent to 3 percent of GDP, while tackling its 3.3 trillion-euro debt burden. The annual interest payments alone, at 60 billion euros, threaten to become the country's largest expense, reported Reuters.

Bayrou said the outlined measures aim to cut tens of billions of euros, targeting a deficit reduction to 5.4 percent of GDP this year and 4.6 percent by 2026.

"It's the last stop before the cliff, before we are crushed by the debt," Bayrou told lawmakers. "It's late, but there is still time," he added.

The proposed measure to cancel two public holidays drew swift condemnation from far-right National Rally leader Jordan Bardella. He said abolishing two holidays, "especially ones as filled with meaning as Easter Monday and May 8 is a direct attack on our history, our roots and on labor in France".

National Rally's parliamentary leader and former presidential candidate Marine Le Pen warned that "if Francois Bayrou does not revise his plan, we will vote for a no-confidence motion".

From the left-wing, France Unbowed party leader Jean-Luc Melenchon demanded Bayrou's resignation, declaring "these injustices cannot be tolerated any longer". Fellow party member Mathilde Panot accused Bayrou of starting "a social war".

Lacking a majority, Macron's government needs cross-party support to pass the budget later this year, leaving Bayrou vulnerable to a no-confidence vote if compromise fails.