The government is on track to run nine consecutive budgets deficits, with all but one exceeding $10 billion.
federal government spending
The quarterly declines in real per-person GDP have occurred before, during and after the pandemic.
The government now expects to spend $58 billion more than its 2023 budget projections.
Over the past eight years, Canada's growth in real GDP per person is a paltry 1.6 per cent versus 14.7 per cent in the United States.
Federal gross debt will reach a projected $2.4 trillion by 2027-28.
The 1995 federal budget began a process of major policy reforms that put the government on a path to fiscal balance.
Federal debt interest costs increased by 90 per cent in just two years.