Mark Carney tables $78.3 BILLION deficit - largest non-pandemic deficit in Canadian history
The Liberal government has finally tabled its budget, projecting a national deficit of $78.3 billion this year, fueled by a massive $38 billion increase in spending to a total of $581 billion.
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The Liberal government has finally tabled its budget, projecting a national deficit of $78.3 billion this year, fueled by a massive $38 billion increase in spending to a total of $581 billion. Outside of the pandemic era, Carney’s budget deficit is the largest in Canadian history.
Total debt is projected to reach $1.35 trillion by the end of this year, increasing to $1.59 trillion in 2029-30. Under the Liberal plan, Canada will pay $55.6 billion in debt interest charges next year, rising to $76.1 billion by 2029-30.
“Budget 2025 is an investment budget. We are making generational investments to meet the moment and ensure our country doesn’t just weather this moment but thrives in it,” said Finance Minister François-Philippe Champagne in a statement on Tuesday.
“This is our moment to build Canada Strong and our plan is clear – we will build our economy, protect our country, and empower you to get ahead. When we play to our strengths, we can create more for ourselves than can ever be taken away.”
Conservative Leader Pierre Poilievre denounced the plan, saying Carney’s government is the “most expensive in Canadian history” while declaring that the Conservatives would vote against the Liberals: “On behalf of all the Canadians who can no longer afford to eat, heat or house themselves because of Liberal inflation, we Conservatives cannot support this costly Liberal budget.”
WATCH Conservative Leader Pierre Poilievre’s FULL response to Mark Carney’s budget
Over the next five years, the budget allocates $115 billion to infrastructure, $110 billion to productivity and competitiveness, $25 billion to housing and $30 billion to defence.
According to the budget, its two fiscal anchors include balancing daily operating spending with revenues by 2028-29 and maintaining a “declining deficit-to-GDP ratio to ensure disciplined fiscal management for future generations.”
“Budget 2025 invests about $280 billion over five years to build new infrastructure, protect our communities, and empower you to get ahead. On a cash basis, this represents $450 billion,” it reads.
It allows for the possible end to the Liberals’ emissions cap in exchange for a higher industrial carbon tax and carbon capture.
Budget 2025 will also include a cut of 40,000 public service jobs over the next three years, $141 billion in new spending over the next five years and $51 billion in promised new savings.
“The Comprehensive Expenditure Review will rein in government spending—saving Canada $13 billion annually by 2028-29, for a total with other savings and revenues of $60 billion over five years,” reads the budget. “We will also take action to close tax loopholes and make sure everyone is paying their fair share.”
More than 75% of spending will address changes in the global economic landscape. Of that, 42% will go towards “protecting our sovereignty,” 36% to “bringing down costs for Canadians,” and 22% for “additional actions to support Canadians.”
The Carney government intends to maintain Liberal programs including the Canada Child Benefit, National School Food Program, Canada Disability Program, Old Age Security, Student Loan and Grants, $10-a-day Child Care, Workers Benefits and Dental Care.
The Carney government will require at least three votes from opposition party MPs for its budget to pass in the House of Commons. The vote will take place before the end of the month. Interim NDP Leader Don Davies was non-committal when asked about his party’s vote plans, saying that abstention by some or all NDP MPs remains an option.
Carney’s $50B conflict of interest?
It’s budget day in Canada, and Prime Minister Mark Carney’s first budget is shaping up to be a blockbuster of spending. The government is expected to unveil a $50-billion ‘local infrastructure fund’ for hospitals, housing, and transportation projects, along with billions more for healthcare upgrades and new military equipment.
Conservative MP resigns, hints at joining Liberals
Conservative MP Chris D’Entremont has abandoned the party amid media reports hinting at a defection to the Liberals, just as the government rolled out its new federal budget.
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Carney is going to make bank off this budget while Canadians continue to suffer. Massive AI development spending, that will go to Brookfield Asset Management. Green Energy initiatives spending that will benefit Brookfields. Infrastructure, housing and essentially the whole budget was designed to put Brookfields stock value through the roof. If you look at the rise in Brookfield stock from when Carney became Trudeau's advisor to today, it has skyrocketed. This budget should be known as The Great Canadian Brookfield Swindle Budget. Canada - A Division of Brookfield Asset Management. A Zionist Corporation... Bronfman approved!
Plenty of vague statements in the budget. What is the actual direction of the funds? I need a picture.