PARIS (AP) — The French government is presenting its 2016 budget, which includes 11 billion euros ($12.3 billion) in tax cuts, in an effort to loosen up an economy burdened with 10 percent unemployment.

The budget detailed Wednesday in a Cabinet meeting is based on expected economic growth of 1.5 percent next year.

The government plans 9 billion euros ($10.1 billion) in corporate tax breaks to boost hiring and investment. Income taxes will be cut by 2 billion euros ($2.2 billion).

It's the first budget under President Francois Hollande that meets the government's deficit targets. France is trying to bring the deficit within the EU limit of 3 percent of gross domestic product by 2017.