Federal Government Posts Largest Deficit In History, Adding Additional $100 Billion In Spending


The federal government has put forth a ‘fiscal update,’ though not a full budget. The numbers show a deficit of $381 billion, the largest in Canadian history. For comparison, Canada’s total debt before this year was about $700 billion, meaning this will by far the largest one-year increase in our debt in history as well. In addition to the large budget deficit – due in large part to a huge drop in revenue from the economic contraction – the Liberals are planning another $100 billion in spending over the next three years. In her remarks, Freeland attacked the Conservatives: “As we have learned from previous recessions, the risk of providing too little support now outweighs that of providing too much. We will not repeat the mistakes of the years following the Great Recession of 2008.”

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