Morneau expected to reveal federal deficit in excess of $300-billion

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The projection raises concerns about how the government plans to phase out heavy spending that has allowed the deficit to grow more than tenfold in seven months

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Calling it an “economic and fiscal snapshot,” the government has already cautioned that the report will be less detailed than a traditional fiscal update. Updates normally include five years of fiscal projections. Two officials said the government plans to release a full update in the fall.

Several independent forecasters have pegged the size of this year’s federal deficit at between $250-billion and $300-billion. “I really think it’s an important pivot point from what was to what will be,” he said in an interview Tuesday. Mr. Hyder said some support programs will still be needed, but he expressed hope that the government will outline plans to phase out the emergency programs or at least make them apply more narrowly.

Mr. Hyder said that kind of scenario “is simply not going to work for parents, and therefore not going to work for employers, and therefore not going to work for the economy.” Mr. Kelly said he would like Wednesday’s update to address the many practical issues that have surfaced with the various federal emergency programs.

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Well guess what that’s not govt debt, that’s Canadians debt.

Try Trillion get it right media stop covering for him we all know you received a shit load of money to cover his ass that’s a problem your a propaganda arm now

Good one buddy good one

My god... that’s worse than even the worse projections...

Of course the deficit is through the roof. Why wouldn’t it be? The liberals could have hiked taxes straight away to pay for the necessary spending, but the opposition didn’t even want the carbon tax to take its scheduled uptick.

I do not think this debt even computes with the average Canadian,only that it is a lot of money!

It's great to have Bill looking after us 1% ers. When we have somebody really rich as finance minister they understand our need look out for the instant pressure we are under.

Good Lord! JustinTrudeau Bill_Morneau That was an expensive vote buying plan on the back of the taxpayers!

I love how the communist MSN accept the deficit numbers at every update without hesitation knowing full well he has under reported every time for the past five years.

“The budget will balance itself”. JustinTrudumb

And of course, they will say Turdeau did it because of Covid

The thing is you stupid Rich S. O. B. P. On S. Finance spinster minster will the budget balance it’s self or you still measuring fiscal debt with economy like your boss👉🏾humnah humnah🤦🏻‍♂️🤪🥵

So many people twitting in anger about the deficit but they are just throwing rocks at the government who has been providing financial help to millions of families without jobs and income and whose livelihood were shut down by this pandemic.

.....along with perpetual treasury bonds.

It’s only $10,000 per person

Well JustinTrudeau met his goal which is why he is in hiding.

Nice job zipper head.

jkenney country is going bankrupt

Should have never shut down the country. What a joke. How much money did these 'leaders' pocket? I'm tired of this bullshit.

The leaders of this zero-consequence bloated government should be criminally charged for the pain they are going to cause for the next 3+ generations of Canadians

JustinTrudeau couldn't even balance the books in 'good' times 2015 to 2019. He was warned to reign in spending in case 'bad' times appeared and surprise, bad times arrived. The PM + Bill_Morneau had NO intention of fiscal responsibility, NONE.

ABDavid8 Canada has the highest unemployment in G7, it was the lowest prior to Trudeau and the incompetent Liberals. They are destroying Canada.

TonyVanBynen Are we going to get hit with tax and fee increases to pay for this?

But he wears his mask which is what's really important!

Canada is doomed!!!

So that means it’s pushing 550 FFS

How in the world does this matter when Scheer was seen not wearing a mask

But Scheer is the problem not wearing a mask so he can breathe and talk. fakenews needs to take a long hard look in the mirror.

We have Canada’s worst PM and Finance Minister in Canadian history. Paul Martin must be sick about these two.

Oh!!! Surprised?

It’s already above that. Look at Bank of Canada balance sheet!

And meanwhile the journalists are obsessed with Scheer not wearing a face mask... WTF, do we even have “real, professional” journalists left in this country, or only a bunch of “yes man” willing to spew miss-information to keep a job because they have a mortgage pay!!!

This is what Torontonians voted for🤬

How do Canadians believe anything he has to say in the media. Make it part of the Hansard. But he won't because it is worse. Watch PierrePoilievre ask the questions that won't get answered, but were expected to believe him in the Media? Say it in Parliament Bill!!

Well that’s interesting. This time seniors can’t be blamed. We didn’t take it at all. We received a fraction of one percent. Go see our traitor of a PM. Most of this is on him.

Spend it like you got it

That’s an unexceptable amount of miss use in peoples money

But the big news is SCHEER and no mask

Only 300 billion Isn't that what the Liberals gave away last month alone in tax payers money

All the hard sacrifice made by Canadians during the Chretien government, to repair Canada's fiscal situation after Mulroney robbed Canada blind, has completely been destroyed by Harper and Trudeau. Debt 1.5 Trillion dollars

Canada's total debt can never be repaid. Plan accordingly.

Gdp 1500

😐

reicurran But Scheer was not wearing a mask!!!! What a joke Canadian media outlets have become. Name change to Justinjournos ?

Tweets that didn’t age well. JustinTrudeau Bill_Morneau liberal_party cdnpoli FiscalSnapshot

Tweets that didn’t age well. JustinTrudeau Bill_Morneau liberal_party cdnpoli FiscalSnapshot

You have a photo of Bill_Morneau as such this must be a rhetorical question. The answer is JustinTrudeau is about pushing his NWO agenda, which is not based on sound economics, but feelings!

“Hold my beer” -JustinTrudeau cdnpoli FiscalSnapshot

Remember the good old days? JustinTrudeau Bill_Morneau liberal_party cdnpoli FiscalSnapshot

I remember trudeau saying they were saving for a rainy day 'and now it's raining' so was that an outright lie?

Facts *do* matter. liberal_party JustinTrudeau Bill_Morneau cdnpoli FiscalSnapshot

But did you hear ? Andrew Sheer the soon to be ex leader of the conservatives was not wearing a mask at the airport ! Burn him at the stake

reicurran And you know it is deff higher then anything he says

I wonder if TOAdamVaughan will update his graph for today’s FiscalSnapshot. cdnpoli Bill_Morneau JustinTrudeau

Not even sure you can believe that number, I thought I seen reports of $900M ? You’re right I don’t have the facts but I bet the information they feed us won’t be fact either. TrudeauCorruption

This is truly a nightmare. $300B! That’s beyond reckless. We will need many years of surplus. This puts future social programs in jeopardy.

RLCoombes Why isn't anyone suggesting that it's our duty to get off CERB and go back to work? Why isn't anyone suggesting that citizens have civic responsibilities?

RLCoombes Canada is so screwed.

Do all De Facto politicians get another raise with no taxes to pay

We should have reserved 20B per year every year for a rainy day. We didn't. Instead, we ran deficits when the economy was at its 'all time best'.

The expected revenue from 2019-2020 was around 339 Billion dollars. Estimated spending: 355.6B. So, does it mean Morneau will 1.5x the spending? Hope Millennials, my Gen and Gen Alpha will be able to pay back that 300B.

TrudeauCorruption TrudeauDictorship TrudeauWorstPM

This is disgusting. Stop now you maniacs

Tax the rich. Implement an inheritance tax. Close loopholes corporations use to pay $10B less than their official tax rate. Also increase corp tax rate so close the $100B gap between what corps and individuals pay. We need a wealthtax!

Borrowing our futures away .. Found a Petition on this page ⏬⏬⏬

Canada should focus on spending and maintaining internal economy and reduce spending for WHO, UN, and refugee relief programs. Don’t burden the tax payers any more.

All while liberal_party was resisting oversight by parliament and running a minority government. This disaster is also on the heads of the NDP and BlocQuebecois

Get ready for the sweep under the 'Covid' carpet..........they ran nothing but deficits while in power and will act like they had ot all under control until Covid....mark my words...pure fiction

No shit , they went cerb crazy!

Fools keep voting for this.

God help us

Time to axe Turdeau's ridiculous carbon tax...as if we don't pay enough taxes already..Liberals plan is to tax us more...too many $$ given to his Liberal party friends..Hello Bombardier..Loblaws ,Irving oil and shipbuilding and probably many more.

$300 billion dollars, for one year alone. That’s so much debt, it would hurt Bill Gates to pay it. This nation is not as rich as that man. We are hooped!

1/The day Cdnians wake up is the day they'll realize these loans 'are not' our responsibility, but the responsibility of Canada Inc. Canada is an incorporated company. Companies borrow $$ on behalf of their businesses to fund start ups, purchase land/buildings, inventory etc.

It is what it is. Can’t help it. It’s pandemic times.

We definitely have never seen as much wasteful gov spending as we will find out is going on with this amount of gov money being spent. Govs are all really good at one thing and being on time and under budget aren't it.

That is one expensive pangolin sandwich.

Get ready for some big a$$ tax hikes Canada!

85% tax rate should do it

What an absolute joke. If Canada was a company it would’ve folded.

I expect he will blame Harper.

Wow. What an accomplishment to have your name attached to. They’ve had five years of opportunities to listen, and for five years have shouted down the experts and proceeded to do whatever they wanted with no regard for the consequences. The first real crisis devastates us.

300 billion Trudeau government is somehow cheating that is $17000 for each working canadian. But more than half work! Has The unemployed received $34,000 each? No.

RobertFife And most of it Incurred BEFORE COVID19 Trudeau and Morneau are FiscalIlliterates DontBlameCoronaVirusMorneau MorneauDontBlameCovid19 DontBlameCoronaVirusTrudeau TrudeauCorruption

And people are demanding more money !! 37 million Canadians will never pay this off

guys we know we are in a deficit wevare in the middle of a global pandemic. take fewcsteps back. jesus.

Was almost $301 b - so i guess we should be happy

RobertFife Is that a lot

RobertFife So, what did you expect, and what do you want. After the government to spend, spend, spend, and now doom, gloom and indignation

RobertFife People have been shot for a LOT less. I'm just sayin'.

RobertFife So the real number is what?

Say goodbye to our dollar, and hello to $50 steaks 🥩

The West can leave this failed state or go down in flames with it.

How's that 'growing the economy from the heart outward' working out?

Trudeau has managed to destroy Canada in so many ways!!!

This is the tab from entrusting our country to technocratic 'experts' and their computer models.

Likely they are leaking it so it doesn't cause as much of a stir.

Okay, okay we need to take Canada's Visa card away from these kids (Liberals). TrudeauMustGo

I hope they can at least show a plan on what a balanced budget would look like and the sacrifices needed to get there. Since the financial crisis of '08 all gov'ts have fallen into a mindset that never ending deficits are ok. % GDP BS rationale. Has to change.

He should be in jail 🖕🏾

kkirkup 😱😱😱

It is ok, We are in unprecedented Pandemic, in Canada and all world, where the economy was shatdown, to protect and save life,and the Good Goverment need to stand up and help all stratas of Society, as Citizens and Families, workers, Senior, Students, Disabled and businesses.

Bill_Morneau It appears budgets do not balance themselves!

Media is fully complicit

For Shane sunlorrie and you chose the mask

$300B injected in the system. Approx. 12 million households in Canada. We are all looking forward to our $25,000 slice. farce

Wow

Cue the Liberal supporters response. But, but Harper. It’s all they have left, well that and a 300 billion dollar debt. But but Harper.

Need. More. Manufacturing.

Actually terrifying.

Sure is a good thing he wasn't allowed to have that golden pen! Kek

Oh we are so fucked.

I think I’ll like living here better AFTER govt and society collapse under this obscene load.

liberal_party CPC_HQ CBCNews Canada please meet the new Bank of Canada Governor. Bank of Canada is considering negative interest rates. Do you know what that means if you have money in the bank account? Take out now! Canadians are ill-informed.

And then there’s this.....Canada 1 among all G7 nations and not in a good way.

It's a good thing that the budget will balance itself because Canada would have been in grave trouble if it hadn't been the case. ☻💰

krista_bee

Don't worry China will buy up our resources and companies. The Liberals will allow it.

When the Liberals came to power I did the following. 1. Sold my home in the big city. 2. Moved to a rural community. 3. Paid off all debt. Mortgage-free. 4. Warned my family about liberal_party and their spending habits. Why should I pay more in taxes for their blunder?

'One death is a tragedy, one million deaths is a statistic!' (Joseph Stalin) I guess it works for the debt the liberal_party forks out on our children too!

Don't worry Bill_Morneau will be ok. He has lots of shares in Morneau_Shepell and he is a millionaire.

What a complete joke of a finance minister.

JustinTrudeau should resign over this. Total and completel failure. If he had acted sooner instead of wasting months calling us racists the economic impact could have been much less. Generations will pay for his incompetence shame

No way Morneau is sticking to his “no new taxes planned” comment. TrudeauCorruption TrudeauWorstPM

ride80 projectsmith

That tie must be 6 feet long

Yeah the budget will balance its self. Futrudeau

Of course he is. Fall election and tax hikes in 2021 if the Libs win.

COVID 19 was a gift to the Liberal government, and it was bought with our Visa card

He can chip in his Chateau in France,to help out. Nah, never gonna happen.

China will collect their pick of our resources and land when we go bankrupt. Maybe old stock canadians can negotiate reserves and clean water.

Pass it on to our children, it's the liberal way!

Who could have possibly seen this coming?!?

Remember folks, we have resources (ethical oil) to sell on a global market. This is just ridiculous and so short sighted. Decide if selling arms to the Saudis and buying their oil makes sense. JustSaying TrudeauCorruption

Print money via the BoC - problem solved lol

Trudope said it would balance by itself. I will give him 2 more weeks...

Who is driving this bus?

I think it's MUCH MUCH more than that!! ...AND Canada's credit rating has been downgraded. Welcome to Venezuanada

He will talk his way around giving an actual number, has he ever answered a question with a straight answer ever? Has he ever? Ever? Ever?...... Maybe this will be 'the previous government's' fault somehow. Shove it Morneau.

Remember this? It’s not the deficits. It’s the lying about your intention to eliminate them. cdnpoli

😳

And yet Andrew Scheer not wearing a mask is bigger news. Good fucking job, FakeNews

WEscam Liberals try to Give almost 1 BILLION Tax $$ to their friends and family CRIMINAL CHARITY WE

“The budget will balance itself” JT.

WheresTheMoneyLiberals

Goodie, now do the Off Shore Accounts.

MargaretWente wait till the second wave

Heather89559773 Unless my filter has blocked any adult responses, a search of Bill_Morneau’s tweets and the word “deficit” shows ZERO results. Is it possible Morneau hasn’t never tweeted once about “deficit”? cdnpoli FiscalSnapshot

I'm looking forward to the $50 gallons of milk coming soon.

who cares

That is an insane amount of money. At least three generations to pay that back

Dude just print $300 billion more in money and it won’t cost a thing!

Well Done Wexit now

Insanity, the cost to service that debt will screw the nation for a generation.

Yet the media and voters in Ontario and Quebec continue to ignore the failures of this Liberal govt. Instead the CBCs top story was that Andrew Scheer was seen without a mask at the Toronto airport. People need to wake up to see what a terrible job Trudeau is doing

When do the trials start for these criminals?

Nice work Bill... Brainless twit.

Please be fake news

And to be so proud of it defies reason! Now for the blood and guts of it all.

Holy F! This is completely unacceptable! These corrupt commies need to go. TrudeauMustGo TrudeauScandal TrudeauCorruption

Why not since they don’t know just gives them room to give away more money to friends and other countries.

Interesting the same amount Trudeau has handed over to the UN to build a military!

Absolutely shameful!

😳

There’s no exit strategy from CERB. They already extended it once, and the less notice and certainty they give on when and how it ends, the harder it will be. We’re perilously close to a path in which CERB won’t end until the Libs win re-election by claiming the CPC will end it.

And is there a plan to pay this $ back?

Not my debt. taxstrike

Phvcking pricks should be in jail. And let's give billions to Justin's friends. Where is the Ethics Commissioner?

And the highest unemployment rate out of all G7 countries well done!

Oh, I'm sure he'll be honest about the mess they've made.

Add an additional $50 billion or so to cover what they 'lost' and rhe infrastructure projects they can't account for.

We love to see it

A lot of that money went into the elite’s numbered accounts.

Which means it's probably more like 450

fecking criminal.

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