A national pharmacare program would cost an estimated $15.3 billion in 2027.
The federal debt-to-GDP ratio will increase to 42.4 per cent in 2023-24 then climb higher in 2024-25.
Projected federal spending from 2024 to 2027 is now $30.7 billion higher than previous forecasts.
By the end of this fiscal year, the federal government will have racked up $591.9 billion in debt since 2015.
Canada's employment rate actually ticked down from 62.0 per cent in July to 61.9 per cent in August.
Rising interest rates will put additional pressure on federal finances.
By 2027/28, the forecasted annual cost of federal debt interest will exceed $50 billion—or more than $1,200 per Canadian.
Federal debt is projected to rise from 42.4 per cent of GDP in 2022 to 43.5 per cent of GDP in 2023.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.
The federal debt-to-GDP ratio is on track to increase between 2022-23 and 2023-24.