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 update on Ottawa's finances was 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 the end of the 2029-30 fiscal year.
Carney's government, which campaigned on reducing reliance on the United States amidst a trade war, may not follow the previously suggested path of deficit reduction.
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 is expected to be bold and costly.
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