What to know about PM Mark Carney’s first federal budget

Key Points About PM Mark Carney's First Federal Budget

The first federal budget under Prime Minister Mark Carney is anticipated to be bold and ambitious, potentially coming with significant costs.

The previous update on Ottawa's finances was in the fall economic statement of December 2024, which forecast a $48.3 billion deficit for 2024-25, aiming to reduce it to about $23 billion by the end of the 2029-30 fiscal year.

However, Carney's government, which was elected on a promise to reduce reliance on the United States amid a trade war, may not follow this path.

Carney has promised that his first budget will be bold, ambitious, and “meet this moment”

This budget will also serve as a confidence vote in the minority Liberal government.

Author's summary: PM Mark Carney's first budget is expected to be bold and costly.

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Sudbury.com Sudbury.com — 2025-11-04

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