No Opposition party has signalled it would balance the budget in the near- or medium-term.
The federal deficit was approximately $19 billion in both 2016/17 and 2017/18.
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.