The government now expects to spend $58 billion more than its 2023 budget projections.
federal government spending
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.
A national pharmacare program would cost an estimated $15.3 billion in 2027.
Between 2024/25 and 2027/28, the federal government has increased projected spending by $30.7 billion more than previously forecasted.
The federal debt-to-GDP ratio will increase to 42.4 per cent in 2023-24 then climb higher in 2024-25.
Projected federal spending from 2024 to 2027 is now $30.7 billion higher than previous forecasts.