Economy | Budget

Run short-term deficits of less than $10 billion in each of the next two fiscal years (2016 and 2017).

Broken

Source: Liberal platform | Page 12 October 5, 2015

Tuesday March 22, 2016 | CBC News

Ottawa forecasts $29.4B deficit - with lots more red ink to come

Ottawa plans to spend almost $30 billion more than it takes in this coming fiscal year, a big jump from the $5.6-billion deficit for the current year straddling the previous Tory and current Liberal governments.

Monday February 22, 2016 | CBC News

Deficit has soared ahead of March 22 budget, Bill Morneau says

The Liberal government is now forecasting larger than expected deficits for the next two years even before adding billions in promised spending in its first budget, which will be tabled on March 22.

[...] that deficit will balloon to $18.4 billion in 2016-17 and $15.5 billion in 2017-18 - and that is before any new spending Morneau outlines in the March budget. Those numbers are drastically different from the $3.9-billion and $2.4-billion shortfalls forecast just three months ago.

Trudeau has already said his government will not be able to keep an election promise to keep deficits under $10 billion for the next budget year, and has backed away from a promise to balance the budget by the end of his four-year mandate.