The Trudeau government is anticipating budget deficits over the next five years, with no return to a balanced budget in sight.
Figures released as part of the government’s first budget show an anticipated deficit of $29.4 billion in 2016-17, slowly reducing year by year to $14.3 billion in 2020-21 – the latest year projected in the budget.
This is much more than what they had said during the election campaign, when they had promised a $9.9 billion deficit in the first year of their mandate, and a return to balance in 2019-20.
“Canadians told us two things: help me and my family and make investments for the future,” said Finance Minister Bill Morneau when asked about the change. “With the growth that we hope to achieve we hope we can reach a balanced budget over time.”
Here’s what they’re projecting:
Liberal promises vs. budget projections