The 2025 Alberta government budget projects a $5.2-billion deficit this fiscal year on total spending of $79 billion. As Morgan Black explains, the province said the red ink is driven mainly by three things: an decline in oil prices; the need to save money in case looming U.S. tariffs wreak economic havoc; and more than $1 billion to make good on a 2023 election promise to give Albertans a break on personal income taxes.