PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025
Finance Minister Chrystia Freeland's new fiscal guardrail was part of an effort to quell fears that high government spending would fuel inflation
by Nojoud Al Mallees · National PostOTTAWA — The federal government likely failed to keep its deficit below the promised $40-billion cap in the last fiscal year, the parliamentary budget officer said on Thursday.
The budget watchdog estimates in its latest economic and fiscal outlook that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.