Projected federal spending from 2024 to 2027 is now $30.7 billion higher than previous forecasts.
federal government debt
Since 2014/15, federal government debt interest costs have nearly doubled.
According to forecasts, Ottawa's annual debt interest costs will eclipse $50 billion by 2028.
According to forecasts, the federal deficit will eclipse $40 billion this year.
Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
Canada's gross government debt is equal to 111 per cent of the country's GDP.
Federal program spending is expected to grow by $132.7 billion—or 41 per cent—between 2014/15 and 2023/24.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.
The total value of government debt in 2022 in Canada exceeded the entire size of the economy by more than 10 per cent.