OTTAWA, ON – Finance Canada announced today in its Annual Financial Report of the Government of Canada (fiscal year 2016-2017) that the deficit was $17.8 billion, or 80% higher than the Liberals promised in their election platform.
The deficit is the result of a 6% year-over-year spending increase, more than double the combined rate of inflation and population growth.
“This promise-smashing deficit will mean higher taxes to fund interest payments to wealthy bond holders, and these interest payments will do nothing to provide health care, roads, or equipment for our soldiers,” said Conservative Shadow Minister of Finance Pierre Poilievre. “Instead, the result is taxpayers will pay more to get less.
“The Conservatives call on the government to get its spending under control, return to a balanced budget, and stop raising taxes on Canadians,” concluded Poilievre.