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Federal deficit balloons to $61.9B as government tables economic update on chaotic day in Ottawa


Published on 2024-12-16 16:20:47 - CBC.ca
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  • The federal government's fall economic statement
  • tabled just hours after Finance Minister Chrystia Freeland quit cabinet and questioned her government's recent handling of the economy
  • calls for more than $20 billion in new spending and says the deficit has grown to $61.

The Fall Economic Statement (FES) presented by Finance Minister Chrystia Freeland on November 21, 2023, outlines the Canadian government's fiscal strategy amidst global economic challenges. Key points include a focus on housing affordability, with plans to build more homes faster, and measures to address the cost of living, such as extending the GST rebate for low-income Canadians. The statement also addresses economic growth, projecting a slight surplus for the current fiscal year but anticipates deficits in the coming years due to increased spending on health care, dental care, and clean energy initiatives. Additionally, there's an emphasis on fiscal responsibility with plans to reduce the debt-to-GDP ratio over the next few years. The government also plans to introduce tax changes to encourage investment in clean technology and to combat tax evasion, while also providing support for small businesses and workers through various programs.

Read the Full CBC.ca Article at:
[ https://www.cbc.ca/news/politics/fall-economic-update-freeland-trudeau-1.7411825 ]