The call for fiscal responsibility for some is echoing loud and clear as the federal Budget 2024 will be tabled Tuiesday. Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation (CTF), is adamant about the necessity for a balanced budget and reduced spending from the government.“We haven’t seen one iota of fiscal responsibility from the Trudeau government, so hopefully Budget 2024 changes course,” Terrazzano said. “In Budget 2024, Prime Minister Justin Trudeau must show Canadians he cares about the state of the country’s finances and balance the books.”The CTF's stance is firm: the federal government must prioritize balancing the budget by curbing expenditures.The outlook from the Parliamentary Budget Officer (PBO) paints a concerning picture, forecasting a $41-billion deficit for the year. Yet, there seems to be no concrete plan from the government to rectify this imbalance.Adding to the urgency, the PBO projects that interest charges on the debt will amount to a staggering $52.1 billion this year alone, equivalent to the federal government's health transfers to the provinces. Looking ahead to 2028, these charges are expected to skyrocket to $62 billion, surpassing the anticipated GST revenues.“A balanced budget means less debt for Canadians’ kids and grandkids to pay back, less money wasted on interest charges and more room to provide tax relief,” Terrazzano said. “In Budget 2024, Trudeau needs to put down the credit card and pick up the scissors.”
The call for fiscal responsibility for some is echoing loud and clear as the federal Budget 2024 will be tabled Tuiesday. Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation (CTF), is adamant about the necessity for a balanced budget and reduced spending from the government.“We haven’t seen one iota of fiscal responsibility from the Trudeau government, so hopefully Budget 2024 changes course,” Terrazzano said. “In Budget 2024, Prime Minister Justin Trudeau must show Canadians he cares about the state of the country’s finances and balance the books.”The CTF's stance is firm: the federal government must prioritize balancing the budget by curbing expenditures.The outlook from the Parliamentary Budget Officer (PBO) paints a concerning picture, forecasting a $41-billion deficit for the year. Yet, there seems to be no concrete plan from the government to rectify this imbalance.Adding to the urgency, the PBO projects that interest charges on the debt will amount to a staggering $52.1 billion this year alone, equivalent to the federal government's health transfers to the provinces. Looking ahead to 2028, these charges are expected to skyrocket to $62 billion, surpassing the anticipated GST revenues.“A balanced budget means less debt for Canadians’ kids and grandkids to pay back, less money wasted on interest charges and more room to provide tax relief,” Terrazzano said. “In Budget 2024, Trudeau needs to put down the credit card and pick up the scissors.”