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OTTAWA, Ontario (LifeSiteNews) — Prime Minister Justin Trudeau’s Liberal government deficit is set to reach $46.5 billion this fiscal year while economic growth will remain stagnant, the Office of the Parliamentary Budget Officer (PBO) predicts.  

On October 13, the Office of the PBO published the Liberal government’s budget deficit for fiscal year 2023-24, which is expected to reach $46.5 billion, $6.4 billion higher than was projected in April.  

“The Trudeau government continues to mismanage our finances and that means more money wasted on interest charges, higher cost of living and more debt that Canadians’ kids and grandkids will have to pay back,” Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano reacted 

“As bad as the budget was, the independent budget watchdog is showing that federal finances are in even worse shape,” Terrazzano added.  

According to the PBO’s estimation, federal debt-to-GDP ratio will rise to 42.6 per cent in 2023-24, which is up from 40.9 per cent in 2022-23.  

“The feds have already blown through their budgeted deficit projection by more than $6 billion and we’re only halfway through the budget year,” Terrazzano said.  

“And the government’s been solemnly signaling the bond rating agencies that it would get the debt-to-GDP ratio going down, but the PBO shows it’s going up,” he added.  

According to the PBO, the increase in the budget is a response to new spending measures announced by the Trudeau government, amounting to $28.6 billion over six years. Trudeau’s new projects include a $13 billion investment for a Volkswagen EV plant, $16 billion for a Stellantis EV battery plant and the GST rental rebate.  

The PBO further projected that the Canadian economy will experience zero growth in the second half of 2023, amid high interest rates by the Bank of Canada. 

Similarly, spending is expected to remain low until mid-2024, while GDP is expected to contract by 0.2 per cent in 2023. 

CTF further called on the Trudeau government to immediately cut spending, in an attempt to stop rising interest charges and cost of living as the debt burden for future generations continues to grow.  

The increased budget was also condemned on social media by Conservative Party leader Pierre Poilievre, who posted, “Budget watchdog says the interest on Trudeau’s debt will rise $47 billion next year. He’s not worth the cost.” 

In comparison, Germany, whose population is over double Canada’s, has a budget deficit of 42.1 billion euros, 60.6 billion Canadian dollars, for 2023. The United Kingdom saw a deficit of 137 billion euros, 197.5 billion Canadian dollars, for 2022/23. At the same time, Japan‘s budget deficit is under $9 billion.  

Currently, Canada’s total debt is over $2.1 trillion, having increased drastically from $1.1 trillion in 2007-2008 under Conservative Prime Minister Stephen Harper.  

The increased debt comes amid recently disclosed records showing that since 2015 Trudeau government has spent over $23 million taxpayer dollars on globalist-aligned World Economic Forum (WEF) projects, including millions on a digital ID program.   

Similarly, a former Liberal finance minister has admitted that the current inflation crisis is partly due to the Trudeau government’s COVID spending. 

Last month, records revealed that the Trudeau government spent $275 thousand at a high-end hotel dining on lobster and steak during their three-day retreat to discuss inflation.   

Furthermore, Canada’s increased budget comes as many Canadians are struggling to make ends meet, amid ongoing inflation and fuel regulations.   

The Bank of Canada also recently raised interest rates to 5%, the highest in 22 years. Another increase is expected in October.