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Carney government adds $142B in new spending to spur economic growth, address affordability
The plan uses stronger revenues to fund affordability measures, a sovereign wealth fund and tax incentives meant to lift private investment.
- Prime Minister Mark Carney's new federal budget allocates about $142 billion in new spending over five years to tackle affordability and economic sovereignty, fully offset by about $158.3 billion in increased revenue from an oil and gas boom.
- President Donald Trump's trade war on key industrial products prompted the government to prioritize nation-building projects. Finance Minister Philippe Champagne stated, "We need to do more to build this country."
- The budget includes $36 billion for a "productivity mega-deduction" to spur business investment, $11.2 billion to tackle homelessness, and $1.5 billion for rinks. A rebranded GST rebate delivers up to $2,570 to eligible families this year.
- Ottawa projects a $62.3 billion deficit for the 2026-27 fiscal year, while the cost to finance Canada's roughly $1.3-trillion national debt will jump to $85.5 billion by 2030-31, exceeding spending on crucial programs.
- Sahir Khan of the Institute of Fiscal Studies and Democracy said the government's "fiscal sustainability is intact," noting initiatives are "measured, means-tested, timely and targeted" despite rising debt charges.
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Carney government adds $142B in new spending to spur economic growth, address affordability - NTV: Newfoundland and Labrador's Most Trusted News Source
Prime Minister Mark Carney’s government is adding tens of billions to the debt and deficit with the goal of spurring the economy, easing affordability pressures for Canadians, and eradicating homelessness. CTV’s Mike Le Couteur reports. The post Carney government adds $142B in new spending to spur economic growth, address affordability appeared first on NTV: Newfoundland and Labrador's Most Trusted News Source.
Coverage Details
Total News Sources68
Leaning Left38Leaning Right6Center18Last UpdatedBias Distribution61% Left
Bias Distribution
- 61% of the sources lean Left
61% Left
L 61%
C 29%
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