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Parliamentary Budget Officer shows bigger hole in federal budget

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From the Canadian Taxpayers Federation

Author: Franco Terrazzano

The Canadian Taxpayers Federation is calling on the federal government to immediately cut spending following the Parliamentary Budget Officer’s report showing the deficit already way over budget.

“As bad as the budget was, the independent budget watchdog is showing that federal finances are in even worse shape,” said Franco Terrazzano, CTF Federal Director. “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.”

The PBO’s October 2023 Economic and Fiscal Outlook shows this year’s deficit is expected to increase to $46.5 billion. That’s up from Budget 2023’s projected deficit of $40.1 billion.

The federal debt is expected to surpass $1.2 trillion this year, according to the PBO. The debt-to-GDP ratio is increasing to 42.6 per cent, despite Finance Minister Chrystia Freeland saying, “We are absolutely determined that our debt-to-GDP ratio must continue to decline.”

“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 signalling the bond rating agencies that it would get the debt-to-GDP ratio going down, but the PBO shows it’s going up.”

Interest on federal government debt will cost taxpayers $46.4 billion this year.

In its last budget, the government said it would find “savings of $15.4 billion over the next five years.” However, the PBO report shows the government announced “$28.6 billion in (net) new spending over 2022-23 to 2027-28.”

“Interest charges on the government’s credit card will cost taxpayers almost $4 billion every single month,” Terrazzano said. “That’s billions of dollars every month that can’t go to fixing potholes or lowering taxes because it’s going to the bond fund managers on bay street.

“Prime Minister Justin Trudeau must put down the credit card and pick up some scissors.”

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The world is changing – Trump’s Tariffs, the US, Canada, and the rest of the world

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It’s a mistake to think that Canada and any team of trade allies we can muster will be able to force the US to back down from Trump’s tariffs. Certainly not in the short run.

The US is committed to tariffs.  They know it’s going to create hardships.  They know some businesses are going to fail.  They know some people are going to lose jobs.  They know products are going to cost more.  It’s not that they don’t care about hardships.  They are committing to see if they can withstand these hardships in order to reacquire a lot of the manufacturing jobs that left America over the last three or four decades.

And it’s not all about jobs either.  It’s also about critical industries that have vacated America. It makes no sense that the US would rely on China for pharmaceuticals and rare earth minerals.  Yet that situation is exactly where America finds itself in 2025.

If you’d like a deeper understanding of what is unfolding around the world, this podcast is an absolute ‘must’.

| The Glenn Beck Podcast | Ep 252

Why Conservatives Flipped to Supporting Trump’s Tariffs

Donald Trump is the only one telling the American economy, “You have cancer!”

Kevin Roberts, president of the Heritage Foundation, says, “The treatment is going to be a little painful.” Kevin responds to criticisms that the Heritage Foundation has changed its position on tariffs, explains why the president’s treatment of Canada may be a “tactical error,” and says it’s time for tax cuts, deregulation, and to stop the “fuzzy math happening in Congress” and cut the budget.

They discuss nuclear energy, the Chinese Communist Party, the DOGE, and how the socialist president of Mexico “understands Trump.”

They both agree that we are experiencing the “second American revolution” and lauded the gutting of the Department of Education and the vision of JD Vance, while warning that “not everyone in Silicon Valley is our friend.”

In the end, they have to ask, is Donald Trump moving too fast?

STAY INFORMED

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Business

Trump says tariffs on China will remain until trade imbalance is corrected

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MXM logo  MxM News

Quick Hit:

President Trump said Sunday he won’t make a tariff deal with China unless its $1 trillion trade surplus with the U.S. is balanced. Speaking aboard Air Force One, he called the deficit “not sustainable” and said tariffs are already driving a wave of investment back to America.

Key Details:

  • Trump told reporters the U.S. has “a $1 trillion trade deficit with China,” adding, “hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal.” He insisted any agreement must begin with fixing that imbalance.

  • The president said tariffs are generating “levels that we’ve never seen before” of private investment, claiming $7 trillion has already been committed in areas like auto manufacturing and chip production, with companies returning to places like North Carolina, Detroit, and Illinois.

  • On Truth Social Sunday night, Trump wrote: “The only way this problem can be cured is with TARIFFS… a beautiful thing to behold.” He accused President Biden of allowing trade surpluses to grow and pledged, “We are going to reverse it, and reverse it QUICKLY.”

Diving Deeper:

President Donald Trump reaffirmed his tough trade stance on Sunday, telling reporters that he won’t negotiate any new deal with China unless the massive trade deficit is addressed. “We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal,” Trump said while aboard Air Force One.

He emphasized that while some countries have deficits in the billions, China’s trade advantage over the U.S. exceeds a trillion dollars and remains the most severe. “We have a tremendous deficit problem with China… I want that solved,” he said. “A deficit is a loss. We’re going to have surpluses, or we’re, at worst, going to be breaking even.”

Trump touted the impact of tariffs already in place, pointing to an estimated $7 trillion in committed investments flowing into the U.S. economy. He highlighted growth in the automotive and semiconductor sectors in particular, and said companies are now bringing operations back to American soil—citing North Carolina, Detroit, and Illinois as examples.

He also claimed world leaders in Europe and Asia are eager to strike deals with the U.S., but he’s holding firm. “They’re dying to make a deal,” he said, “but as long as there are deficits, I’m not going to do that.”

Trump projected that tariffs would add another $1 trillion to federal revenues by next year and help re-establish the U.S. as the world’s top economic power. “Our country has gotten a lot stronger,” Trump said. “Eventually it’ll be a country like no other… the most dominant country, economically, in the world, which is what it should be.”

Later Sunday night, Trump doubled down in a Truth Social post, writing, “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.” He added that trade surpluses have grown under Joe Biden and vowed to reverse them “QUICKLY.”

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