US EditionCarney's cabinet asked to find 'ambitious savings' ahead of fall budget
CANADA, JUL 7 – Ministers must find up to 15% savings by 2028-29 to fund new priorities and manage deficits while aiming to balance the budget by 2028, officials said.
- Finance Minister François-Philippe Champagne sent letters to cabinet ministers this week, urging them to identify ambitious savings ahead of the 2025 budget amid rising spending pressures.
- Federal deficits are projected to surpass previous forecasts due to rising costs and Canada's pledge to increase defence spending to 5% of GDP, reaching $150 billion annually, according to Yves Giroux and Carney.
- Federal departments must identify three priorities and cut program spending by 7.5%, 10%, and 15% in 2026-29 using existing resources, under a pay-as-you-go approach.
- Cabinet ministers are tasked with ambitious spending cuts amid rising deficits and defence commitments, risking union backlash and questioning of feasibility, as the 2025 budget approaches.
- Canada's federal budget, set to be tabled after September, requires ministers to submit savings plans by summer end, with 7.5% cuts for 2026-27.
21 Articles
21 Articles
John Robson: We Have Far Less Time Than We Think to Balance the Budget
Commentary Kaboom. It’s loud, scary, and urgent. But it’s not the sound of new Canadian munitions going off as we ramp up to $150 billion a year in defence spending because they said so. It’s the federal budget detonating. And if anyone’s minded to call the bomb squad instead of waiting to be blown to insolvency come, now would be a good time. A really good time. In C2C Journal, Gwyn Morgan snidely recalled a former prime minister’s assurance th…
INFO THE FIGARO - Freezing of social benefits, reduction of the appropriations of the ministries, non-replacement of one in two officials... The elected members of the common base presented a list of measures to the Prime Minister to help him in the preparation of his budget.
Mark Carney’s cabinet told to present savings plans by the end of the summer
Finance Minister François-Philippe Champagne, along with Treasury Board President Shafqat Ali, issued letters to Prime Minister Mark Carney’s cabinet on Monday, asking them to present plans by the end of summer to find day-to-day operational savings, according to a spokesperson from Champagne’s office.
Coverage Details
Bias Distribution
- 41% of the sources lean Left
To view factuality data please Upgrade to Premium
