Necker announces the Budget Deficit

Jacques Necker was originally a conservative compromise to the post as minister of finance. He, however, introduced a number of financial reforms, including a more equitable system of taxation and a plan for the funding of the national debt. In 1781 Necker was forced to announce the budget deficit in an effort to get new loans. The figures were highly colored, but everyone could now see what absurd sums the Court spent.