Key Points About PM Mark Carney's First Federal Budget
Prime Minister Mark Carney's first federal budget is expected to be bold and ambitious, meeting the current moment, but potentially at a significant cost.
The last update on Ottawa's finances was in the December 2024 fall economic statement, which projected a $48.3 billion deficit for 2024-25, with a goal to reduce it to $23 billion by the end of the 2029-30 fiscal year.
Carney's government, which aims to reduce reliance on the United States amidst a trade war, may not follow the previously suggested path.
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 is expected to be bold and costly.
- Projected deficit for 2024-25: $48.3 billion
- Goal for 2029-30 fiscal year: reduce deficit to $23 billion
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