The federal deficit could hit $34.4 billion should Canada go into recession.
Ontarians are on the hook for approximately 40 per cent of the federal government’s net debt.
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.
The reasonable approach to balancing the budget is to find savings and reduce spending—not raise taxes.
Upon assuming power, the Trudeau government immediately increased budgeted federal program spending by $8.1 billion over 2015-16 to 2019-20.