France’s public debt has climbed to a record during the two terms of President Emmanuel Macron, according to the Associated Press. It now stands at 119 per cent of gross domestic product. The issue is emerging as a defining one ahead of next year’s presidential election. France will again miss its annual budget target next year, despite proposed spending cuts of 54 billion euros, or about 61 billion dollars. The government said on Thursday that the budget will again overshoot European Union spending limits. National debt is expected to grow to nearly 122 per cent of GDP, a new record. Budget minister David Amiel said: ‘We cannot sweep the dust under the carpet.’ Radical-left candidate Jean-Luc Melenchon has proposed cancelling French government bonds held by the European Central Bank. ECB President Christine Lagarde called the idea a ‘pure violation’ of the EU treaty. Far-right leader Marine Le Pen has called for reforms to ‘clean up’ public finances.