OTTAWA, ON: The Canadian Taxpayers Federation is calling on Prime Minister Mark Carney to cut spending following today’s Parliamentary Budget Officer report showing the government will borrow even more than it projected in its recent Spring Economic Update.

“Carney’s borrowing is already billions of dollars over budget compared to the Spring Economic Update,” said Franco Terrazzano, CTF Federal Director. “The government’s borrowing continues to spiral out of control because government spending continues to spiral out of control and that needs to stop.”

The PBO released its Economic and Fiscal Outlook report today.

The PBO “projects budgetary deficits averaging $4.6 billion per year above the Spring Economic Update,” according to the report.

The federal government’s Spring Economic Update said it would borrow $65 billion this year. However, the PBO projects the government borrowing $72 billion this year.

Debt interest charges will cost taxpayers $59 billion this year, according to the PBO. That’s more than the federal government will send to the provinces in health transfers ($57 billion) or collect through the GST ($53 billion).

“On a per capita basis, public debt charges are projected to climb from $1,288 in 2025-26 to $1,885 in 2030-31,” according to the PBO.

The PBO report shows government spending continues to increase. The PBO projects the government’s spending will be $5.7 billion over budget this year compared to the Spring Economic Update.

“Carney was already increasing spending too fast in the Spring Economic Update and now the PBO shows he’s already billions over budget,” Terrazzano said. “Carney needs to put down the credit card and pick up some scissors to cut spending. Taxpayers can’t afford to pay more than $1,000 every year to cover the government’s interest charges.”

For more information or to schedule interviews, please contact:

Franco Terrazzano
CTF Federal Director
Phone: 403.918.3532
Email: [email protected]