Conservative Leader Pierre Poilievre is calling on the Liberals to cap spending and cut bureaucracy as the spring 2026 fiscal update released last week projected that the federal debt will reach $1.63 trillion by 2031.
The government of Prime Minister Mark Carney tabled its first spring economic update on April 28, exactly a year after the Liberal Party’s April 28 electoral win in 2025. The update projected a $66.9 billion deficit for the just-completed 2025–26 fiscal year, which is more than $11 billion lower than the $78.3 billion shortfall forecasted in its Budget 2025 published last November.
The update also forecast a $1.4 trillion federal debt this fiscal year, increasing each year to reach $1.63 trillion by the end of the decade in fiscal year 2030–31….