Key Points About PM Mark Carney's First Federal Budget
The first federal budget of Prime Minister Mark Carney is anticipated to be bold and ambitious, potentially coming with significant costs.
The last financial update was provided in the fall economic statement of December 2024, which projected a $48.3 billion deficit for 2024-25, aiming to reduce it to about $23 billion by 2029-30.
Carney's government has hinted that it may not follow the previously outlined path to reduce the deficit, especially given the context of a trade war with the United States and a promise to decrease reliance on Canada's southern neighbors.
Carney has promised that his first budget will be bold, ambitious, and “meet this moment”
This budget also serves as an automatic confidence vote in the minority Liberal government.
Author's summary: PM Mark Carney's first budget to be bold and costly.
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