Liberal Leader Justin Trudeau speaks during a Liberal Party fundraising event in Richmond, B.C., Thursday, Dec. 12, 2024.
The federal government's fall economic statement — tabled just hours after Finance Minister Chrystia Freeland quit cabinet and questioned her government's recent handling of the economy — calls for more than $20 billion in new spending and says the deficit has grown to $61.9 billion.
In a letter addressed to Trudeau and posted to social media, Freeland, who has been finance minister since 2020, said she had no choice but to resign after the prime minister approached her Friday about moving her to another cabinet role. "It's actually probably the first time we've seen them pivot from a consumption-oriented, wealth redistribution budget to one that's investment-focused," he said.In her spring Budget 2024 speech, Freeland laid out guideposts she said would demonstrate the government's continuing commitment to fiscal responsibility. The first was a promise to keep the 2023-24 deficit at or below $40 billion.
"Definitely a fiscal surprise on the negative side. Nothing Canada can't deal with, but definitely a surprise," said Kahn.
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