According to projections, the federal debt will reach nearly $2 trillion in 2026-27.
This year the federal government expects to spend $52.8 billion more than it has in revenues.
The federal debt has grown from $1.2 trillion in 2014 to $1.9 trillion in 2021—an increase of 51 per cent.
If the federal government reduced spending, it could help lower inflation and limit the increase in interest rates.
In 2020, the federal expenditure share jumped to 40 per cent.
Residents in all provinces already pay more than $550 per person annually on government debt interest.
The expansion of the Canada Child Benefit was financed largely by borrowing.
When linked to a GST hike, support for a national prescription drug program falls from 79 per cent to 40 per cent.
According to the PBO, 60 per cent of households in Alberta, Ontario, Saskatchewan and Manitoba will pay more in carbon taxes than what they receive in rebates.