The federal government has increased spending by 7.6 per cent this year alone.
federal government debt
Since 2007/08, Canada’s federal debt has grown by $176 billion to $692 billion in 2015/16.
Once new major spending is factored in, the annual deficit is likely to be more than $25 billion.
With budget season on the horizon, the headlines may mask the magnitude of growth in government debt.
Since 2007/08, combined federal and provincial government net debt has grown from $834 billion to $1.3 trillion.