The Canadian Taxpayers Federation (CTF) is intensifying calls for the federal government to rein in spending and prioritize budgetary balance in response to the latest forecasted deficits outlined in a report by the Parliamentary Budget Officer (PBO).Franco Terrazzano, CTF Federal Director, sounded the alarm, stating, “Budget 2024 was bad, but the PBO report forecasts the Trudeau government will be running even bigger deficits. This PBO report should be a wake-up call for Prime Minister Justin Trudeau: get a hold of your spending or interest charges will keep ballooning.”According to the PBO's projections, this year's deficit is expected to reach a staggering $46 billion, surpassing the previous forecasted deficit of $40 billion outlined in Budget 2024.Highlighting the gravity of the situation, the report reveals that the projected budgetary deficits will be, on average, $5.3 billion higher annually over the period from 2023-24 to 2028-29.Finance Minister Chrystia Freeland had pledged “savings of $15.4 billion over the next five years” in Budget 2023. However, subsequent budgets, notably Budget 2024, saw a significant escalation in spending, with the government announcing a staggering $61.2 billion in new expenditures. Since Budget 2021, the cumulative tally of new spending measures has reached a staggering $251.6 billion, according to the PBO.The ballooning deficits have profound implications for taxpayers, with interest charges on the debt projected to cost a staggering $54 billion this year alone, as outlined in Budget 2024. Terrazzano emphasized the urgency of the situation, noting, “Every penny collected from the GST will now go to cover interest charges on the Trudeau government’s credit card.”In light of these concerning developments, the CTF is urging Trudeau's government to prioritize fiscal prudence, balance the budget, and implement substantial spending cuts to alleviate the burden on taxpayers. Terrazzano underscored the imperative to halt the cycle of excessive spending, which he estimates is costing taxpayers over $1 billion every week in interest charges alone.
The Canadian Taxpayers Federation (CTF) is intensifying calls for the federal government to rein in spending and prioritize budgetary balance in response to the latest forecasted deficits outlined in a report by the Parliamentary Budget Officer (PBO).Franco Terrazzano, CTF Federal Director, sounded the alarm, stating, “Budget 2024 was bad, but the PBO report forecasts the Trudeau government will be running even bigger deficits. This PBO report should be a wake-up call for Prime Minister Justin Trudeau: get a hold of your spending or interest charges will keep ballooning.”According to the PBO's projections, this year's deficit is expected to reach a staggering $46 billion, surpassing the previous forecasted deficit of $40 billion outlined in Budget 2024.Highlighting the gravity of the situation, the report reveals that the projected budgetary deficits will be, on average, $5.3 billion higher annually over the period from 2023-24 to 2028-29.Finance Minister Chrystia Freeland had pledged “savings of $15.4 billion over the next five years” in Budget 2023. However, subsequent budgets, notably Budget 2024, saw a significant escalation in spending, with the government announcing a staggering $61.2 billion in new expenditures. Since Budget 2021, the cumulative tally of new spending measures has reached a staggering $251.6 billion, according to the PBO.The ballooning deficits have profound implications for taxpayers, with interest charges on the debt projected to cost a staggering $54 billion this year alone, as outlined in Budget 2024. Terrazzano emphasized the urgency of the situation, noting, “Every penny collected from the GST will now go to cover interest charges on the Trudeau government’s credit card.”In light of these concerning developments, the CTF is urging Trudeau's government to prioritize fiscal prudence, balance the budget, and implement substantial spending cuts to alleviate the burden on taxpayers. Terrazzano underscored the imperative to halt the cycle of excessive spending, which he estimates is costing taxpayers over $1 billion every week in interest charges alone.
