French lawmakers have spent weeks debating a budget proposal that has threatened to topple Barnier's cabinet.
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French Prime Minister Michel Barnier has warned of the seriousness of the ongoing budget debate that has threatened to remove him from power.
"There will probably be quite a serious storm and serious turbulence in the financial markets" Barnier said, adding that the French people wanted "stability".
French MPs have spent weeks debating a budget proposal put forward by Barnier's minority government which includes a harsh €40 billion in spending cuts and an additional €20 billion in tax hikes.
Barnier has argued that the measures are necessary to forcibly bring down France's spiralling debt — which at 6.1% of the country's gross domestic product is over double the European Union limit.
Lawmakers from other parties however have refused to back his measures, meaning that Barnier would need a use a constitutional clause to forcibly pass his budget by its deadline of the 21 December.
Using such a clause would allow lawmakers to propose a vote of no confidence and topple the current government — a move that an alliance of left-wing lawmakers have said they would do.
Members of the parliament's other bloc, the far-right National Rally, have threatened to back the no-confidence vote unless changes to the budget were made, including removing planned higher taxes on electricity and a delay to the inflation adjustment for pensions.
The group's leader, Marine Le Pen, has also said the government should look to cut spending on medical aid for migrants and bureaucracy.
“We said what were the nonnegotiable elements for us," Le Pen said. “We are straight in our political approach. We defend the French people".
Barnier appeals to parliament
Barnier has warned other MPs of the seriousness of the moment, saying that if his government were to topple it would likely spark a political crisis that would fail to solve the country's financial woes.
"What happens? There will be no budget. We will have to restart a discussion. There will be emergency measures" he said of a scenario where his party was removed from power.
He added that his proposal was not perfect, but appealed to other lawmakers that passing it would bring "stability" to the French people.
France's powerful lower house of parliament has been divided into three contrasting blocs after parliamentary elections in June and July.
The three parts, a left-wing coalition, Macron's centrist allies and the far-right National Rally, have widely contrasting ideologies and none have an outright majority.
Barnier's cabinet is comprised of members of his Republicans party and centrists from President Emmanuel Macron's alliance, who count only 210 lawmakers out of 577.
Last month, the government survived a no confidence vote brought forward by the left-wing coalition because Le Pen's party abstained from voting.
Le Pen is simultaneously on trial in Paris over the alleged embezzlement of European Parliament. Prosecutors have asked for a 2-year prison sentence, as well as a 5-year ban from running for office.