Canada’s ballooning deficit is pushing the country to the edge of collapse, Interim Budget Officer Jason Jacques warned MPs this week, telling the Commons government operations committee that “something is going to break” if Ottawa does not change course.Blacklock's Reporter says Jacques’ alarm came the same day his office revealed that cabinet blew past its 2025 deficit target by 62%. The government had forecast a $42.2 billion shortfall but instead posted $68.5 billion. The year before, cabinet aimed for $39.8 billion but finished with $51.7 billion — 30% higher than expected.“This is not a funny fiscal outlook. It’s a really serious fiscal outlook,” Jacques told MPs. “Unsustainable means you don’t have the option of waiting. It means if you don’t change, this is done.”.The Budget Office report projected federal debt charges will surge from $55.3 billion today to $71 billion by 2028 and $82 billion by 2030. The debt service ratio is forecast to hit 13.7% by the end of the decade — nearly double its pre-pandemic level of 7% in 2019.Jacques said Ottawa has only two choices: raise taxes or slash spending. “Clearly revenue will have to go up and perhaps at the same time spending will have to go down,” he said. “The current numbers are not sustainable.”Bloc Québécois MP Marie-Hélène Gaudreau compared Ottawa’s finances to personal bankruptcy. “If I look at what’s going on here, I would have been bankrupt a long time ago,” she said.Opposition Leader Pierre Poilievre accused the Prime Minister of being addicted to debt, warning that higher interest charges mean “more money for bankers and less for nurses.” Poilievre claimed the deficits under the current government will add up to $314 billion over five years — double the amount forecast under Justin Trudeau..Finance Minister François-Philippe Champagne did not dispute the figures but insisted Canada remains in “a solid fiscal position” and called for “a pivot” in economic strategy..Due to a high level of spam content being posted, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
