These deficits have fuelled an $867.2 billion increase in gross federal debt from 2014/15 to 2022/23.
federal government budget
The inability to control spending remains the primary reason for Ottawa's string of deficits.
A national pharmacare program would cost an estimated $15.3 billion in 2027.
The top 10 per cent earned 29.1 per cent of all income but paid 35.8 per cent of the total tax burden.
Federal spending in 2023/24 will increase by $5.6 billion more than the government’s previous projection.
The budget dumps billions into the government’s bottomless climate policy money pit.
Federal debt is projected to rise from 42.4 per cent of GDP in 2022 to 43.5 per cent of GDP in 2023.
When spending is financed by large deficits, it can fuel inflation or impede economic growth.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.