The Ontario government projects a $19.9 billion deficit this year and continued deficits until 2027-28.
The federal government projects a $52.8 billion budget deficit for 2022/23.
Federal debt interest will cost a projected $42.9 billion in 2026/27.
Ramping up interest rates at this juncture places more of the burden of fighting inflation on consumers.
The Trudeau government plans to implement new spending programs including national childcare and pharmacare.