Freeland’s Fiscal Update Pledges New Guardrails to Keep Deficits in Check

Published on November 21, 2023

The Liberal government’s fall economic statement acknowledges the cost-of-living crisis weighing on Canadians, but offers few new measures to tackle it while pledging to keep deficits in check. Finance Minister Chrystia Freeland presented her fiscal update in the House of Commons on Nov. 21, stressing the pressure inflation and a slowing economy are putting on federal finances. At a time when the Liberals are facing pointed criticism from the Opposition Conservatives for years of deficit spending, the update outlines new guardrails to demonstrate fiscal restraint. That includes setting a goal to keep deficits below one percent of the GDP beginning in 2026-27....

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