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PM Carney expected to reveal thinking behind coming federal budget in speech today

Prime Minister Mark Carney will address spending restraint and new investments amid a projected $68.5 billion deficit, driven by U.S. tariffs and economic uncertainty.

  • On Oct. 22, 2025, Prime Minister Mark Carney will give a speech at 7:30 p.m. eastern to explain the Liberal government's budget thinking after arriving on Parliament Hill.
  • Two weeks ahead of the budget, Ottawa's fiscal watchdog estimated the deficit could climb to $42 billion, with Desjardins warning it may be the highest in 30 years, linked to trade tensions.
  • The Liberal government signalled the budget will include spending restraint paired with new investments in federal health transfer, infrastructure, rapid housing initiative, interest-free loans, and Old Age Security payments for those ages 65 to 75.
  • Carney has already held meetings with NDP, Bloc Québécois, and Green party leaders and will meet Conservative Leader Pierre Poilievre; Liberal House leader Steve MacKinnon worries about passing the confidence vote budget.
  • This Friday, Carney departs for two multinational summits in Southeast Asia, and his office says the speech will detail plans to build a stronger economy, while the revenue minister says the operating budget will be balanced by 2028-29.
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Winnipeg Free Press broke the news in Winnipeg, Canada on Wednesday, October 22, 2025.
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