{"id":232295,"date":"2025-10-22T16:29:12","date_gmt":"2025-10-22T16:29:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/232295\/"},"modified":"2025-10-22T16:29:12","modified_gmt":"2025-10-22T16:29:12","slug":"carney-to-address-canadians-on-economy-as-budget-questions-grow-national","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/232295\/","title":{"rendered":"Carney to address Canadians on economy as budget questions grow – National"},"content":{"rendered":"

Prime Minister Mark Carney<\/a> is set to deliver an economic speech to Canadians on Wednesday, just two weeks before the hotly anticipated federal budget<\/a>.<\/p>\n

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It will come as a new report from Desjardins estimates the federal budget deficit could be the highest in 30 years, outside of the Great Recession and Covid-19 pandemic years.<\/p>\n

The federal government is expected to deliver its budget on Nov. 4<\/a>, which will include details on Canada\u2019s defence spending commitments<\/a>, as well as a clearer picture of how high the deficit could climb.<\/p>\n

It isn\u2019t clear yet exactly what details for the economy Wednesday\u2019s speech may include, but it comes amid growing warnings that Canada will see a significant deficit.<\/p>\n

Ottawa\u2019s fiscal watchdog estimated last month that the annual deficit could climb to $68.5 billion<\/a> this year.<\/p>\n

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Carney\u2019s office says the public address will detail \u201cCanada\u2019s plan to build a stronger economy,\u201d while Canadians await updates on trade discussions with the United States.<\/a><\/p>\n

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This comes as the trade war continues to hamper the economy<\/a> and job market<\/a>, with negative impacts tied to U.S. President Donald Trump\u2019s tariff policies<\/a> in addition to those imposed by China<\/a>.<\/p>\n

Carney is scheduled to deliver his address at 7:30 p.m. Eastern time.<\/p>\n

\t\t\t\tDesjardins on the budget deficit\n\t\t\t\t\t\t<\/p>\n

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Desjardins in a new report on Wednesday estimated the federal budget could climb past $70 billion this year, depending on what additional details are revealed.<\/p>\n

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Desjardins says the federal deficit could be the largest in 30 years, outside of recession and pandemic years.<\/p>\n

The firm cites data measuring the expected ratio of budget deficits as a percentage of Gross Domestic Product, which means how the government\u2019s debt compares to the amount the economy produces.<\/p>\n

In its federal budget preview<\/a>, Desjardins says the rising government deficit will be the result of an increase in spending and a decline in revenues.<\/p>\n

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Although the budget has yet to be released, Desjardins says Canada\u2019s goal to increase spending on defence will \u201ctake centre stage,\u201d combined with a drop in revenues after removing most counter-tariffs on the U.S. and tax cuts to individuals just before the summer.<\/p>\n

\u201cThese spending increases wouldn\u2019t have as substantial an impact on the deficit if it weren\u2019t for the accompanying reduction in tax and tariff revenues. By our estimate, the budget shortfall in the current fiscal year could exceed $70 billion \u2014almost double that projected in the Fall Economic Statement 2024.\u201d<\/p>\n

\u201cDefence should take centre stage in Budget 2025, but there is likely to be plenty of other planned spending between its covers.\u201d<\/p>\n

The Desjardins report goes on to describe additional spending plans that \u201care likely to have big price tags attached,\u201d including on infrastructure, housing, and tariff impacted industries and workers.<\/p>\n

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\n\t\t&copy 2025 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"Prime Minister Mark Carney is set to deliver an economic speech to Canadians on Wednesday, just two weeks…\n","protected":false},"author":2,"featured_media":232296,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3409,48,8334,46,110293,43,44,714,41,39,42,40],"class_list":{"0":"post-232295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-budget","9":"tag-canada","10":"tag-donald-trump-tariffs","11":"tag-economy","12":"tag-federal-budget","13":"tag-headlines","14":"tag-news","15":"tag-politics","16":"tag-top-news","17":"tag-top-stories","18":"tag-topnews","19":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/232295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=232295"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/232295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/232296"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=232295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=232295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=232295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}