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Feds Deliver Fall Economic Statement

Tuesday, 17 December 2024 at 06:26

By Marcie Culbert X @marcieculbert

The Trudeau Government's fall economic statement had a deficit of $61.9 billion for 2023-2024.

OTTAWA - The Trudeau Government has delivered its fall economic update, despite a cabinet shake-up hours before.

Chrystia Freeland announced her resignation as Canada's Deputy Prime Minister and Finance Minister yesterday. She posted a letter to Prime Minister Justin Trudeau on her social media pages, which revealed that Trudeau didn't want her to serve as Finance Minister anymore. She also said the two had been at odds over how to respond to the threat of 25 percent tariffs from the incoming United States administration.

Government House Leader Karina Gould delivered the fall economic statement in the end, which saw a deficit of $61.9 billion for 2023-2024. It also noted that the budget shortfall is expected to shrink to $48.3 billion for the current fiscal year.

The $61.9 billion deficit is almost $22 billion more than what was forecast in the budget that was tabled in the spring.

Dominic LeBlanc has been sworn in as the new Finance Minister.

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