Key Points About PM Mark Carney's First Federal Budget
The first federal budget presented by Prime Minister Mark Carney is anticipated to be bold and ambitious, with significant potential costs.
The previous update on Ottawa's financial situation 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 came into office during a trade war with the United States, has indicated that it may not follow the previously suggested path of reducing the deficit.
This budget will also serve as a confidence vote in the minority Liberal government.
Carney has promised that his first budget will be bold, ambitious, and “meet this moment”
- Projected deficit for 2024-25: $48.3 billion
- Projected deficit by the end of 2029-30: about $23 billion
Author's summary: PM Mark Carney's budget to be bold and costly.