Carney plans to outspend Trudeau by nearly $70 billion: study

Additionally, the Carney government projects total federal debt will reach $2.9 trillion to $266.4 billion more than the Trudeau government planned.

Prime Minister Mark Carney’s government is set to dramatically ramp up spending, planning to outspend the former Trudeau-Liberals by nearly $70 billion while doubling projected deficits, according to a new analysis from the Fraser Institute.

The non-partisan public policy think-tank compared the fiscal plans presented in the 2024 fall economic statement (the Trudeau government’s last fiscal release) and in Budget 2025. It calculated their respective spending, total deficits, debt accumulation and overall revenues.