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What to know about PM Mark Carney’s first federal budget
Mark Carney's first federal budget aims to balance the operating budget in three years while increasing defence spending to meet NATO's 5% GDP target by 2035.
- On Tuesday, Prime Minister Mark Carney will present his first federal budget in Parliament in Ottawa, aiming to balance the operating budget within three years while running a capital deficit for projects.
- Facing a projected $48.3 billion deficit for 2024-25, Ottawa frames the budget around fiscal repair as Canada's deficit hits about 2.2 per cent of GDP and U.S. trade talks remain on hiatus.
- The budget pairs deep public-service savings with funding for a Major Projects Office, Build Canada Homes, billions for defence, and a `strategic response fund` for tariff-hit sectors.
- The budget is a confidence measure in the House, meaning rejection could force a new election as opposition parties have not committed to backing the Liberal government.
- Carney pledged during the spring election to hit NATO's two per cent target by March 2026, but NATO’s new five per cent goal by 2035 will add about $9 billion in costs, the government says.
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The Prime Minister should cut corporate taxes in the country in order to remain competitive with the United States, according to Frédérick Demers.
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Coverage Details
Total News Sources87
Leaning Left36Leaning Right5Center6Last UpdatedBias Distribution76% Left
Bias Distribution
- 76% of the sources lean Left
76% Left
L 76%
13%
11%
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