Ontarians are on the hook for approximately 40 per cent of the federal government’s net debt.
George W. Bush increased the ratio by 27.5 percentage points.
Program spending this fiscal year will reach $320.2 billion.
Just six months into its 2018/19 plan, the government upped spending by $8 billion.
The federal deficit is now about $19 billion.
According to recent estimates, the government won’t achieve a balanced budget until 2045.
Currently, the annual interest paid on Canada’s federal debt is $26.3 billion.
The PBO projects a cumulative federal deficit of $85.6 billion over the next five years.
Only 10.6 per cent of the nearly $100 billion in new infrastructure spending is for trade and transportation.