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Global News
03-07-2025
- Business
- Global News
NATO spending pledge could push federal deficit as high as $92B: think tank
See more sharing options Send this page to someone via email Share this item on Twitter Share this item via WhatsApp Share this item on Facebook The C.D. Howe Institute predicts Ottawa's recently announced spending plans — which include a much bigger defence budget — will drive its deficits markedly higher in the coming years. In a new analysis released today, the think tank says it expects Canada's deficit to top $92 billion this fiscal year, given Prime Minister Mark Carney's plan to meet NATO's defence spending target of two per cent of GDP. C.D. Howe says it expects deficit growth to slow after that but predicts deficits will still average around $78 billion annually over four years — more than double the level forecast by the parliamentary budget officer before the spring federal election. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The Liberal government did not publish a spring budget this year and has said it will instead push the planned fiscal update to the fall. 5:04 Liberals want 'blank cheque for half a trillion dollars,' Conservatives say as they push for budget In addition to ramping up defence spending, Prime Minister Carney's Liberals recently pushed forward legislation to accelerate major project development and delivered a one-percentage-point cut to the lowest income tax rate. Story continues below advertisement The C.D. Howe Institute accuses Ottawa of making costly commitments without showing the numbers to Canadians.
Hamilton Spectator
03-07-2025
- Business
- Hamilton Spectator
Federal deficit could average $78B over 4 years, think tank warns
OTTAWA - The C.D. Howe Institute predicts Ottawa's recently announced spending plans — which include a much bigger defence budget — will drive its deficits markedly higher in the coming years. In a new analysis released today, the think tank says it expects Canada's deficit to top $92 billion this fiscal year, given Prime Minister Mark Carney's plan to meet NATO's defence spending target of two per cent of GDP. C.D. Howe says it expects deficit growth to slow after that but predicts deficits will still average around $78 billion annually over four years — more than double the level forecast by the parliamentary budget officer before the spring federal election. The Liberal government did not publish a spring budget this year and has said it will instead push the planned fiscal update to the fall. In addition to ramping up defence spending, Prime Minister Carney's Liberals recently pushed forward legislation to accelerate major project development and delivered a one-percentage-point cut to the lowest income tax rate. The C.D. Howe Institute accuses Ottawa of making costly commitments without showing the numbers to Canadians. This report by The Canadian Press was first published July 3, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Winnipeg Free Press
03-07-2025
- Business
- Winnipeg Free Press
Federal deficit could average $78B over 4 years, think tank warns
OTTAWA – The C.D. Howe Institute predicts Ottawa's recently announced spending plans — which include a much bigger defence budget — will drive its deficits markedly higher in the coming years. In a new analysis released today, the think tank says it expects Canada's deficit to top $92 billion this fiscal year, given Prime Minister Mark Carney's plan to meet NATO's defence spending target of two per cent of GDP. C.D. Howe says it expects deficit growth to slow after that but predicts deficits will still average around $78 billion annually over four years — more than double the level forecast by the parliamentary budget officer before the spring federal election. The Liberal government did not publish a spring budget this year and has said it will instead push the planned fiscal update to the fall. In addition to ramping up defence spending, Prime Minister Carney's Liberals recently pushed forward legislation to accelerate major project development and delivered a one-percentage-point cut to the lowest income tax rate. The C.D. Howe Institute accuses Ottawa of making costly commitments without showing the numbers to Canadians. This report by The Canadian Press was first published July 3, 2025.
Yahoo
12-03-2025
- Politics
- Yahoo
Illinois Republicans slam Democrats for focusing on 'bad bills' amid budget crisis
The Brief Illinois Republicans are accusing Democrats of prioritizing issues like legalizing magic mushrooms and universal healthcare over pressing matters such as budget balancing and ethics reform. Proposed bills include making obesity a protected class, providing universal healthcare regardless of immigration status, and pushing for a graduated income tax. Democrats, however, argue they are focusing on protecting Medicaid and opposing cuts to education and healthcare, particularly in light of potential federal cuts. CHICAGO - Republicans in Illinois have criticized the Democratic-led General Assembly for focusing on what they consider "bad bills" and "misplaced priorities." Issues such as legalizing magic mushrooms, universal healthcare, and banning voter ID laws have been singled out as distractions from critical issues like balancing the state budget or instituting ethics reforms. What they're saying Republican State Rep. C.D. Davidsmeyer argued that none of these bills will address the rising cost of living for Illinois families. He also called out the lack of a balanced budget to close a $3 billion gap, pointing out that ethics reforms in the wake of former Speaker Mike Madigan's conviction have been insufficient. Republicans also believe that redrawing gerrymandered districts is a step toward meaningful reform. However, Chicago State Rep. LaShawn Ford disagrees, stating that Democrats are focusing on crucial issues such as protecting Medicaid, preventing cuts to K-12 education, and pushing back against Republican attempts to reduce federal funding. "Democrats have been hard at work protecting people on Medicaid that Republicans are trying to cut, fighting the repeal of pell grants, repeal of funding K-12, so Democrats are making sure we push back on Republican cuts," Ford said. What we don't know It remains unclear whether many of the proposed bills will make it through the General Assembly, especially as the legislature focuses on a budget crisis, transit funding, and potential cuts from the federal government. The Source Statements from Illinois Republican and Democratic lawmakers.
