The European Commission sent the £12.6 billion yearly demand to Paris last month, Bloomberg reported.
It is meant to guide France as it prepares a medium-term fiscal plan for Brussels scrutiny by Sept 20.
The cut is equivalent to about 0.55 per cent of annual GDP over seven years and is seen as the opening gambit in tough negotiations over France’s debt.
France was one of several EU countries rebuked by Brussels in June for breaching EU fiscal rules and is now subject to a monitoring regime, which could lead to punishments such as fines.
Under the bloc’s Excessive Deficit Procedure, member states must keep their deficit below 3 per cent of GDP.
‘Stick to the rules’
Bruno Le Maire, Mr Macron’s outgoing finance minister, set out €10 billion in savings on Thursday and said Paris had to stick to the EU rules to ensure its international credibility.
It has a plan for adjustments of 0.8 per cent of GDP this year, 1.2 per cent in 2025 and 0.5 per cent and 0.7 per cent in the following two years.
France wants more time from the EU to get its deficit under control, seven years rather than four, but still plans to hit the 3 per cent mark by 2027. Without the extension, it will have to make deeper cuts.
“Either we continue with savings and repairing public finances, or we massively increase taxes on French people,” Mr Le Maire, who is expected in Brussels next week, said.
“It’s the only alternative, failing which we would expose ourselves to a very strong market reaction.”
A France Unbowed deputy from Essonne, Antoine Léaument, mocked the finance minister in response, saying: “We’re going to raise wages and repeal your illegitimate pension reform as soon as you’ve given up your seat. Hurry up and leave.”