French far-right presidential candidate Marine Le Pen has proposed putting a binding "golden rule" on France's annual budgets to restore fiscal credibility and ease investor concerns. The plan would require the deficit to decline by at least half a percentage point of economic output each year, reducing it from 5.4% this year to 2.9% in 2032, the end of the next presidential term. Le Pen said the deficit would continue falling and remain near balance until public debt, currently 119% of GDP, reaches 60%. The rule would be submitted to a referendum, with exceptions limited: a three-fifths parliamentary majority would be required for a larger deficit, while a second consecutive exception would require another referendum. The High Council of Public Finances would validate the assumptions used for the annual deficit ceiling, and the Constitutional Council would reject "insincere" budgets. Le Pen did not specify when the referendum would take place or how the proposed cuts would be delivered. She described the deficit targets as a minimum and said her fiscal programme, due Tuesday, would reduce spending faster. She also repeated a pledge to deliver €125 billion ($140.35 billion) in savings over five years, net of tax cuts. The proposal comes as Le Pen leads polling for both rounds of the April 18-May 2 election, while investors have reduced exposure to French assets. The premium on French 10-year bonds over comparable German debt rose above 150 basis points on Friday, its highest since late 2011, after the government's 2027 budget bill offered little relief. Le Pen said neither economic growth nor tax increases could repair France's public finances.