The federal deficit projected in the fall has dropped about $11 billion dollars according to the Spring Economic Update, released Tuesday.
Finance Minister Francois Phillipe Champagne says the projected $78 billion deficit is now at $67 billion thanks to a strong, resilient economy. He was met with laughter from the other side of the aisle when he claimed smart spending also played a role.
The update had an emphasis on the importance of skilled trades recruitment, aiming to recruit between 80 thousand and 100 thousand new skilled workers by 2030. This plan is backed by a $6 billion investment. Champagne also announced new funding for sports facilities and programs to the tune of $755 million over the next five years. He also laid out plans to ban cryptocurrency ATMs to reduce financial fraud.
“We also remain firmly on track to balance day-to-day operating spending with revenues by 2028-29 and to keep the deficit-to-GDP ratio on a steady downward path.”
Currently, operating debt sits at $26 billion.
Although a lower deficit sounds promising, Green Party Leader Elizabeth May says the progress is no thanks to the government.
“It isn’t, in our view, good, prudent financial management by the Government of Canada that has reduced the budget, but rather the reality that a November budget left very little time to spend all the money projected to be spent.”





















