PARIS ( AP) — Nicolas Sarkozy, fighting for a farfrom assured second term as French president, promised Thursday to slash public spending and increase taxes to set his indebted country on a more balanced path.

His critics on the left said his pledges would unfairly hurt the poor and that he’s in part to blame for the high deficit and debt he’s now trying to cut. And it’s unclear whether Sarkozy’s promises would be enough to reassure investors who worry that France’s economic model is unsustainable.

Sarkozy, a conservative, said balancing the budget by 2016 is “an absolute imperative,” and promised a balanced budget law this summer.

He said he would do that by cutting (euro) 40 billion ($52 billion) in public spending and raising (euro) 13.5 billion ($17.6 billion) in new taxes.

But first he has to win a second term in elections April 22 and May 6.

Polls suggest the divisive president would be neck and neck with Socialist Francois Hollande in the first round, but that Hollande would win convincingly in the decisive runoff.

Sarkozy’s campaign promises so far add up to (euro) 9 billion ($11.7 billion), according to a campaign manifesto released Thursday.

Sarkozy came to office in 2007, pledging to slash France’s costly social protections to make the economy more globally competitive. His momentum stalled amid the world financial crisis and ensuing European debt crisis, and now, with just 17 days left before the elections begin, he’s trying to revive it.

“We can no longer put off the choice of evolution of the nation,” he said Thursday.