Name: Liberals promise billions in spending and cuts in first budget
Uploaded: 2025-11-04T04:15:03.124Z
Duration: 3 min 51 s
Description: Finance Minister François-Philippe Champagne said there would be no surprises in the minority government’s budget that CBC News has learned will include billions in cuts and savings, but also include a change to tax structure as well as billions in spending without specifying where the revenue will come from.

Finance Minister François-Philippe Champagne said there would be no surprises in the minority government’s budget that CBC News has learned will include billions in cuts and savings, but also include a change to tax structure as well as billions in spending without specifying where the revenue will come from.

Ottawa

The Canadian Liberal government has announced a new budget that includes both substantial investments and tens of billions of dollars in cuts and savings. The budget also features changes to tax structures aimed at encouraging investment and adjustments to business tax credits, while a previously announced plan to plant two billion trees by 2031 has been scrapped.

Economists forecast a deficit between $78 and $100 billion, raising questions about the budget's long-term impact. While no opposition party has pledged support, the NDP has not ruled out abstaining, which could allow the budget to pass. The government faces scrutiny over whether the spending will drive economic growth or risk financial sustainability.

Liberals promise billions in spending and cuts in first budget

A new take on an old tradition. The finance minister helping make himself a pair of shoes for budget day. This has been made in Canada by Canadians for Canadians. François-Philippe Champagne preparing for a budget with billions of dollars in investment. Now CBC News has learned it will include tens of billions of dollars in cuts and savings too. There will be no surprises. Canadians have asked us to build big bold things. They expect us to do things differently. A senior Canadian official says the government's scrapping a plan to plant two billion trees by 2031. The official also said there will be changes to the tax structure to make investments in Canada less risky and a change to a tax credit businesses can use to write off some costs. But it's unclear where exactly new revenue is coming from. And in a trade war just like hockey we will win. Carney campaigned on a plan to bring in 20 billion dollars a year from retaliatory tariffs on U.S. goods. We're going to put every dollar to protect our workers. But CBC News has learned that before the government dropped most countermeasures it collected just over three billion dollars. We do need to raise revenue but there are less painful ways of doing it. Wherever it comes from the Liberals will need help from another party. If it brings up the cost of living just like every other Liberal budget we will vote no. The NDP isn't ruling out abstaining from the vote which could get it passed. If it's a budget that's good for working people we'll support it. If it's not we won't. So all options are on the table. The government's plan will come with a cost. Economists have forecasted a substantial deficit that could be between 78 to 100 billion dollars. Ashley Burke, CBC News, Ottawa. So let's bring in David Cochran now host of Power and Politics. So David, potentially huge deficit and clearly some huge stakes. Yeah, huge money, huge deficit. The real question, Adrienne, is going to be what does that deficit buy? Does it unlock investment? Does it increase the flow of private sector capital into the economy? Does it boost the GDP? If it does those things given the massive disruption coming from the United States I think a lot of economists are going to look at this and say yes the number is large, it is eye popping but it just might be worth it if it unleashes more economic activity inside the country. But if it's just another big deficit number that fails to move the needle economically then it's not only going to be a missed opportunity, it quite potentially pushes the balance sheet of the government into territory that becomes increasingly financially risky and potentially unsustainable. So it's a bit of an inflection point for the Canadian economy and this budget is really going to have to meet that moment. So David, help me understand something. No opposition party is saying they will support this budget. So how likely is it that there will be an election soon? It's possible but I would say it is improbable. I think if you look at everything that is happening on the trade front and on the economic front and just look at where the political situation is, liberals are still in first place in most polling. Mark Carney is still way ahead of everybody else as preferred choice for prime minister. It may be not the honeymoon you saw back after the April 28th election but there's no clear sign of vulnerability and weakness for the liberals right now. Pierre Polyev, he's still got to have his leadership review in the new year. The NDP are in the middle of a leadership race and only have seven seats. So there's a chance but I don't think it's an enormous one, at least not at this point. All right, we will see. David Cochrane, thank you. Thank you.

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