by Quinn Patrick, True North
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.
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.”