Sarkozy's first budget targets growth

French President Nicolas Sarkozy unveiled his first budget yesterday, aimed at pulling off a double whammy: encouraging growth with fiscal stimuli while containing the burgeoning budget gap.

The 2008 budget, which will be submitted to parliament for approval in the coming weeks, is focused on spurring economic growth through a $384 billion spending package that includes $12.6 billion of tax cuts legislated last month.

Budget Minister Eric Woerth, speaking after the plan was presented to the government, called it a "budget for investment and for the future".