By 2028, the federal government will add a projected $131.8 billion in debt.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.
The total value of government debt in 2022 in Canada exceeded the entire size of the economy by more than 10 per cent.
Between 2016 and 2019, the Trudeau government recorded average economic growth of 2.1 per cent compared to 4.6 per cent during the Chrétien years.
Federal and provincial government debt has nearly doubled from $1.1 trillion in 2007/08 to $2.1 trillion in 2022/23.
Since 2015, the federal government has run eight consecutive deficits.
The federal government continues to run and plan for substantial budget deficits.