Carney’s Budget: Billions in New Spending Amidst Tariff Impact, Political Challenges
Finance Minister François-Philippe Champagne unveiled a federal budget featuring significant investments in infrastructure, housing, and the military, alongside public service cuts to address economic challenges. The budget projects a deficit of approximately $78 billion for the 2025-26 fiscal year, with $141 billion in new spending over five years, partially offset by $51.2 billion in cuts. Key highlights include investments in high-speed rail, ports, and critical minerals, as well as a reduction in immigration, and a potential end to the emissions cap. The government aims to foster business development through tax incentives and has allocated substantial funds for the Canadian Armed Forces.
John Q. Hosedrinker