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The French government announced their plan to reduce the deficit and pension costs on Wednesday. The plan includes raising the retirement age to 62 from 60 over eight years, and raising the income tax on the highest earners in France. Pension spending equaled 13.3% in 2007. The reforms also raise the age at which you can retire with full benefits without the standard number of years in the system to 67 from 65 over a period of years. The government says that the reforms will cut the deficit by 0.5% by 2013 and by 1.9% in 2020. The announced goal in to reduce the deficit from 8% to 3% by 2013. Analysts say that the goal of 3% shows that France is serious about reform, and that the reforms will not stir up the public the way Italy and Spain's have. Government officials say that they are open to discussion of the reforms with unions and other political parties until it is formalized on Friday.