PBO report shows massive deficits for years to come

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OTTAWA, ON: The Canadian Taxpayers Federation is calling on the federal government to rein in spending and balance the budget following today’s Parliamentary Budget Officer report.

“PBO numbers show the government is running massive deficits for years to come with no plan to balance the budget,” said Franco Terrazzano, CTF Federal Director. “It’s time for Prime Minister Justin Trudeau to listen to the PBO’s warnings, put down the credit card, pick up some scissors and return to fiscal sanity.”

The PBO forecasts a $41 billion deficit in 2024.

“Compared to our October outlook, we are projecting budgetary deficits that are $7.9 billion higher, on average, over 2023-24 to 2028-29,” according to the PBO. “This increase is largely due to upward revisions to our projection of direct program expenses (including new measures).”

The PBO projects interest charges on the debt will cost taxpayers $52.1
billion. That’s equal to the amount the federal government sends to
the provinces through health transfers. In 2028, interest charges will cost $62 billion, which is more than the government expects to collect through its GST.

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