Key Points About PM Mark Carney's First Federal Budget
The first federal budget of Prime Minister Mark Carney is expected to be bold and ambitious, potentially coming with significant costs.
The last economic 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 the end of the 2029-30 fiscal year.
Carney's government has indicated it may not follow the previously suggested path of reducing the deficit, as it was elected on a promise to reduce reliance on Canada's neighbors, particularly amidst a trade war with the United States.
Carney has promised that his first budget will be bold, ambitious, and “meet this moment”
This budget will also serve as a confidence vote in the minority Liberal government.
Author's summary: PM Mark Carney's first budget aims to be bold and ambitious.
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