Trudeau says his party is ‘fiscally responsible’ with no plan to balance the budget


CTV News host Evan Solomon asked Prime Minister Justin Trudeau Thursday the importance of balancing the budget. He responded: “Yes, it’s important to stay fiscally responsible. Our fiscal and costing plan is responsible, fair, transparent, and prudent,” the costed Liberal platform reads. It includes $13 billion in promised new spending this fiscal year and a total of more than $78 billion over the next five years. The platform’s debt-to-GDP ratio projects slight improvements to Budget 2021 tabled in April, with a 48.5% ratio compared to 51.2% this fiscal year. Following five years, the debt-to-GDP ratio for the fiscal year 2025-2026 is 46.5% in the platform compared to 49.2% projected in Budget 2021. “As part of this framework, we are committed to fulfilling our long-term fiscal anchor,” the platform reads. “This plan will continue to reduce Canada’s debt as a share of the economy over time, and our deficit is decreasing every single year.” Trudeau claimed that his party was working towards a balanced budget, citing falling debt as a share of revenues. New government revenues are projected to rise from $436 million this fiscal year to $8.178 billion in 2025-2026.

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