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Carney Unveils CA$280B Budget, Doubles Canada's Deficit
- Finance Minister François-Philippe Champagne tabled the budget in the House of Commons on Nov. 4, as Prime Minister Mark Carney's minority government requires opposition support to pass it.
- Prime Minister Mark Carney has said the budget responds to punishing U.S. tariffs and a weak economy, with government officials calling it a 'generational' plan requiring tough trade-offs to invest more while spending less.
- The budget projects a $78 billion deficit for 2025-26, pledges $81.8 billion over five years for the Canadian Armed Forces, and expects about 40,000 public service positions to be reduced.
- Liberal House leader Steven MacKinnon says the government presently lacks the votes to pass the budget, and NDP interim leader Don Davies says his party will wait until next month before deciding support, making failure a potential trigger for an election.
- The budget separates operational and capital spending and sets a three-year operational balance target, aiming to save $13 billion annually by 2028-29 with $141 billion in new spending over five years.
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LILLEY: Carney's first budget a missed opportunity for all of Canada
The deficit is up, spending is up despite claims of savings and austerity, and the cost of servicing Canada’s debt is more than what the federal government spends on health. Mark Carney’s first budget wasn’t about austerity; it wasn’t a generational shift; in fact, it wasn’t what was advertised in any way shape or form.
·Toronto, Canada
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Coverage Details
Total News Sources170
Leaning Left54Leaning Right17Center17Last UpdatedBias Distribution62% Left
Bias Distribution
- 62% of the sources lean Left
62% Left
L 62%
C 19%
R 19%
Factuality
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