A rating agency’s warning about the country’s ballooning debt comes as the prime minister tries to push an austerity budget through a divided Parliament.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday, adding that the government was keeping a close eye on the views of financial markets.

France has announced plans to sell €300 billion ($328 billion) in government bonds next year to finance its budget, following months of political turmoil.

The French government is seeking deep spending cuts and higher taxes in an effort to tame its ballooning debt and deficit.