Get the latest reaction after Prime Minister Mark Carney’s government introduced a budget with billions in spending and a deficit that has risen to $78B. The Liberals, who say the budget will stimulate investment, now face the next step — gaining enough support from opposition parties.
Prime Minister Mark Carney’s Liberal government delivered its first budget Tuesday, promising “a new era of leadership and a new economic foundation.”
The 406-page document details billions in proposed cuts and investments meant to spur growth and productivity amidst trade uncertainty and a slowing economy.
Here are some of the highlights of the Liberals’ 2025 budget.
The top-line numbers
The budget projects a deficit of $78 billion for 2025-26, which is forecast to drop to $65 billion next fiscal year and then gradually fall to $57 billion in 2029-30.
The budget pledges to balance operational spending in three years.
Still, this year’s deficit is far more than the $42 billion the last Liberal government promised it would be — and what the Conservatives said they would be willing to support.
This budget also calls for some $141 billion in new spending over the next five years, which will partially be offset by billions in cuts and o
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