Finance Minister Chrystia Freeland has announced the second hike in the national debt ceiling in three years, raising it to a historic $2.1 trillion, says Blacklock's Reporter.Speaking to reporters Tuesday, Freeland emphasized the government's commitment to serving Canadians."Let’s be honest on what austerity and a shrunken federal government would mean for Canadians," Freeland stated. "It would mean you would have to fend for yourselves. That is not how we do things here in Canada."In a Notice Of Ways And Means Motion presented in the Commons, Freeland proposed increasing the debt ceiling by 16%, from $1.83 trillion to $2.13 trillion. The previous ceiling stood at $1.17 trillion in 2021. "I call upon my parliamentary colleagues to pass this as soon as possible," Freeland urged."Here we care for one another. Today we are turning to our younger generation and those who care about them to say, ‘Our government is at your service.’"While no specific reason was provided for the increase in the debt ceiling under the Borrowing Authority Act, legislators expressed concerns about federal finances. "Canadians are terrified," remarked Conservative MP Jasraj Singh Hallan (Calgary Forest Lawn) during a session of the Commons finance committee."There is no hope at the end of this tunnel right now. There is no hope at all that their mortgage, their rent, their grocery prices will come down. It is going to be more of the same."Sen. Elizabeth Marshall (Nfld. and Labrador) echoed these concerns, highlighting the dramatic increase in debt. "The debt has doubled since 2015," Marshall pointed out. "There are no evaluation reports. No evaluations have been carried out."Despite pledges to address deficit spending, Parliament has not balanced a budget since 2007. Freeland's recent budget proposal did not include a deadline to eliminate deficit spending. Instead, the budget document Fairness For Every Generation forecasts that Parliament's bonded debt will exceed a record $1.3 trillion in 2026, with debt interest charges projected to reach $65 billion annually by the end of the decade.Freeland's latest move follows a similar increase in the debt ceiling three years ago, which raised concerns about government spending. "The increase in the borrowing authority is in no way a blank cheque," Freeland assured. "Every single expenditure by the government needs to be authorized by Parliament."
