PARIS (AP) — Welcome to reality, Monsieur Hollande. That’s the message France’s accounting watchdog sent to new President Francois Hollande with an audit Monday that says his Socialist government must cut up to €43 billion ($54 billion) in spending this year and next if it wants to meet its deficit targets.

The audit’s findings, while roughly in line with economists’ forecasts, are sobering for a man who rose to power decrying the budget-cutting juggernaut that has squeezed countries across Europe struggling with high debts.