National

Freeland says feds will strike 'challenging' balance in fall budget update

Darpan News Desk The Canadian Press, 24 Oct, 2023 12:58 PM

Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework.

"That is a challenging balance to strike. Our government is committed to doing it," she said.

The federal government's financial statements were published Tuesday, revealing the deficit for the 2022-23 fiscal year came in at $35.3 billion.

Our Fall Economic Statement will continue to deliver on our government’s economic plan for the middle class:

🏘️ Building more homes, faster;
💵 Making life more affordable for Canadians;
📊 Maintaining the lowest deficit and debt-to-GDP in the G7. pic.twitter.com/ZeMIKDiHSh
— Chrystia Freeland (@cafreeland) October 24, 2023

That's $7.7 billion lower than projected in the spring budget.

Treasury Board President Anita Anand, who was present with Freeland at a news conference Tuesday, celebrated the lower-than-expected deficit.

"That is great news," Anand said. "This shows that, as we have during COVID, we can pivot and refocus our priorities to decrease our deficit."

The federal government is facing pressure to rein in spending after the COVID-19 pandemic, particularly as the economy slows.

However, it is also facing considerable pressure to address the national housing crisis, as polling shows support for the governing Liberals is taking a hit.

Prev Next

MORE National ARTICLES

Winds, heat and lightning trigger concern as two British Columbia wildfires surge

The Regional District of Okanagan-Similkameen has issued an evacuation order for the area southwest of Keremeos affected by two wildfires that have been burning for several weeks. Thirteen properties have been ordered evacuated along the Ashnola River and in the Snowy Protected area of Cathedral Provincial Park, including Cathedral Lakes Lodge.

Winds, heat and lightning trigger concern as two British Columbia wildfires surge

Housing crisis: Feds stick by immigration plan, rethink international student flows

Academics, commerical banks and policy thinkers have all been warning the federal government that the pace of population growth, facilitated by immigration, is making the housing crisis worse. Canada is also experiencing a boom in the number of temporary residents who are coming to the country, which includes international students and temporary foreign workers.

Housing crisis: Feds stick by immigration plan, rethink international student flows

Fall in housing starts: CMHC

Canada Mortgage and Housing Corporation reports the annual pace of urban starts was down 11 per cent, the rate of multi-unit urban starts fell 12 per cent and the pace of single-detached urban starts dropped four per cent.

Fall in housing starts: CMHC

Kids overdosing is a public health emergency, Canadian pediatricians say

A new survey says an alarming number of kids age 12 and older have been treated for drug overdoses in Canada. The Canadian Paediatric Surveillance Program says stimulants are the most commonly reported cause of severe or life-threatening overdoses, followed by sedatives and opioids.

Kids overdosing is a public health emergency, Canadian pediatricians say

Drowned Surrey man's body found

Mounties in Chilliwack say they have found the body of a Surrey man who was thought to have drowned in Cultus Lake last month. R-C-M-P say the discovery was made by its Underwater Recovery Team after about a month of searching.

Drowned Surrey man's body found

Ministers told to find $15 billion in government spending cuts by October deadline

Treasury Board President Anita Anand is tasking federal cabinet ministers with finding $15.4 billion in government spending cuts by a deadline of Oct. 2. A spokesperson for Anand says the government wants to refocus underutilized funds on critical services such as health care — and it doesn't expect to cut any public-service jobs.