Deputy Prime Minister and Minister of Finance Chrystia Freeland leaves the Prime Minister's Office in the West Block of Parliament Hill in Ottawa on Tuesday, Dec. 3, 2024.
The federal government unveils its long-awaited fall economic statement today — putting to rest weeks of speculation about a higher-than-projected deficit and the potential failure of other fiscal "anchors" Ottawa claimed would keep its budget on track.Deputy Prime Minister and Minister of Finance Chrystia Freeland leaves the Prime Minister's Office in the West Block of Parliament Hill in Ottawa on Tuesday, Dec. 3, 2024.
"We've seen a serial slippage in meeting budget targets ever since the worst of the Covid crisis passed," he said. "You can't pick and choose fiscal anchors as you go, and renege on a commitment you made only a year ago," said Robert Asselin, senior vice president at the Business Council of Canada. The senior government official cautioned that the fiscal update will not be a direct reply to Trump's threat.
Finlayson said he wishes the federal government was more worried about what he calls a "complete stagnation of Canadian productivity" and less concerned with surface-level measures like what he calls a "gimmicky" GST holiday. While the full details of Ottawa's promised plan to strengthen border security — which could include new legislation and up to $1 billion in new spending — are not expected to be outlined in the fiscal update, it could offer some hints at a strategy. It also might include language indicating the government's openness to accelerating its timeline for increasing military spending to two per cent of GDP and meeting the NATO target.
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