This article was last updated on April 16, 2022
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The Liberal government seems to be retreating from its promise to deliver balanced books by 2019-20 as its Finance Minister Bill Morneau mentioned on Tuesday that it will be “challenging” to do so. He added that the government is still committed to returning to a balanced budget “over the long term.”
Earlier a similar message from Prime Minister Justin Trudeau reiterated same remarks as he alleged that balancing the books by the end of the four-year term will be “difficult” to do if economic growth remains sluggish. Morneau explained to reporters on Tuesday that “our goal is to make sure that as we make investments that are going to make a real difference for Canadians, that we do so in a way that’s prudent and that we maintain a goal of getting to a balanced budget over the long term.” He added that “we recognize that’s challenging, but that is our goal and we maintain that as an important objective.”
Meanwhile the House of Commons finance committee is holding marathon budget consultations this week as the questions grow about how large the deficit will be in next month’s fiscal blueprint. Since the Liberal government has now retreated from its $10-billion deficit cap, as several economists predict the 2016-17 budget deficit could reach $20 billion or more, there are an increasing number of organizations and groups with their hands out. Aboriginal groups, industry and environmental organizations are just a few among the long list of people appearing before the committee to ensure their demands are included in a March federal budget.
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