interest payments

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The evolution of federal debt interest costs in Canada

The federal government has seemingly ditched the debt-averse approach that largely prevailed in Ottawa since the mid-1980s.

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Ontario will run its eighth consecutive budget deficit in 2015/16, with a projected $7.5 billion shortfall.

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Since 2007/08, combined federal and provincial government net debt has grown from $834 billion to $1.3 trillion.

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All Canadian governments cumulatively spent $60.8 billion on interest payments in 2014/15, almost as much as all spending on K-12 public education.

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As expected, the 2015 federal budget had the general feel of an election budget, with a small surplus and a smattering of initiatives to satisfy various voting groups.