Federal Government Narrowly Approves 2025 Budget with $78.3 Billion Deficit

Mark Carney's budget deficit looms large in Canadian history

Recently in the House of Commons, Prime Minister Mark Carney’s government narrowly passed its first budget, which projects a $78.3-billion deficit this fiscal year. That likely seems like a big number to most Canadians. But how big is it?

Federal government narrowly approves 2025 budget with $78.3 billion deficit

Prime Minister Mark Carney’s minority Liberal government approved its 2025 spending plan last Monday, passing with a narrow 170-168 vote.

Federal government narrowly approves 2025 budget with $78.3 billion deficit

By Sam Odrowski, Local Journalism Initiative Reporter Prime Minister Mark Carney’s minority Liberal government approved its 2025 spending plan last Monday, passing with a narrow 170-168 vote. The federal budget, which had $585.9 billion in expenses and $507.5 billion in revenue, ran a $78.3 billion deficit. While this is the largest non-pandemic year deficit the Government of Canada has ever run, the Liberals argue it is a “generational” budget …