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Every week, Canadians are paying a billion dollars in interest payments thanks to federal government overspending

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From the Canadian Taxpayers Federation

By Franco Terrazzano

PBO projects higher deficit than Budget 2024

The Canadian Taxpayers Federation is calling on the federal government to immediately cut spending following today’s Parliamentary Budget Officer report showing the deficit is $6.6 billion over budget.

“As bad as the budget was, the independent budget watchdog is showing 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 taxes and more debt that Canadians’ kids and grandkids have to pay back.”

The PBO’s October 2024 Economic and Fiscal Outlook projects this year’s deficit at $46.4 billion. That’s up from Budget 2024’s deficit of $39.8 billion.

“Compared to our March 2024 outlook, we project budgetary deficits that are $4.1 billion higher, on average, over 2023-24 to 2028-29,” according to the PBO. “This increase is largely due to new spending measures announced by the Government.”

Interest on the debt will cost taxpayers $52.8 billion this year, according to the PBO. For comparison, the federal government will spend $52.1 billion through its Canada Health Transfer this year.

Almost 11 per cent of the government’s revenue will go to paying interest on the debt this year, which is above the pre-pandemic level of seven per cent, according to the PBO.

“It’s 2024, the pandemic is over, so it’s ridiculous and unacceptable for the government to be running a $40-billion deficit,” Terrazzano said. “Massive deficits for years mean debt interest charges now blow a $1-billion hole in the budget every week.

“The government must cut spending.”

After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Automotive

Liberals Have Cut Canada’s Electric Vehicle Subsidies, Now It’s Time to Kill the 2035 Mandate

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By Dan McTeague

Former Liberal MP Dan McTeague calls on Mark Carney and all other leadership candidates to kill Trudeau’s electric car mandate.

President of Canadians for Affordable Energy (CAE) and former Liberal MP Dan McTeague says, “It’s good that the Trudeau government are ending their taxpayer funded electric vehicle subsidy, but it’s time to take the most important step of all and kill the government’s mandate that all vehicles bought in Canada be battery powered by 2035.”

As of January 10th, Transport Canada announced that it “paused” its financial incentive to purchase electric vehicles which had provided up to $5,000 of taxpayers money to anyone who purchases an electric vehicle. Quebec ended its $7,000 subsidy last February. However, the government policy requiring that every car sold in Canada after 2035 be electric remains in force.

“Even with these giveaways in place, it was a stretch for hard working Canadians to afford an EV,” said McTeague. “We at CAE are happy for Canadian taxpayers that the program is coming to an end. But this move must be followed up by abolishing the mandates on unaffordable electric vehicles once and for all.”

“My hope is that each and every Liberal Leadership candidate stands up and acknowledges that mandating that all new cars in Canada be electric by 2035 is wrong and that that policy needs to be scrapped,” added McTeague.

Dan McTeague served in Parliament as a Liberal MP for 18 years, and is now Executive Director of Canadians for Affordable Energy. CAE counts on it’s 60,000 supporters nationwide, you can find more information here: https://www.affordableenergy.ca/

For more information contact: 

Dan McTeague
647-220-0114
[email protected]

Support Dan’s Work to Keep Canadian Energy Affordable!

Canadians for Affordable Energy is run by Dan McTeague, former MP and founder of Gas Wizard. We stand up and fight for more affordable energy.

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TikTok CEO, Trump respond to SCOTUS ruling

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From The Center Square

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TikTok CEO Shou Zi Chew responded to the U.S. Supreme Court ruling Friday allowing a ban of the social media app to go into effect, saying he hopes to work with President-elect Donald Trump on a solution.

Trump posted on Truth Social that the Supreme Court’s Friday decision was expected. He noted that his own decision over the platform would be made soon and said, “Stay tuned!”

The CEO posted to the app on Friday following the ruling, thanking Trump for supporting the platform’s efforts to be accessible in the United States.

“I want to thank President Trump for his commitment to work with us to find a solution that keeps TikTok available in the United States,” he said. “This is a strong stand for the First Amendment and against arbitrary censorship.”

Chew continued: “We are grateful and pleased to have the support of a president who truly understands our platform, one who has used TikTok to express his own thoughts and perspectives, connecting with the world and generating more than 60 billion views of his content in the process.”

Before the ruling, Trump had said he had a productive conversation with Chairman Xi Jinping of China. The two discussed topics such as trade, fentanyl, TikTok, and other issues. Trump expressed optimism about resolving issues between China and the U.S. and emphasized working together to promote global peace and safety.

The outgoing Biden administration stated they would be leaving the ban up to the incoming administration.

“Given the sheer fact of timing, this Administration recognizes that actions to implement the law simply must fall to the next Administration, which takes office on Monday,” White House Press Secretary Karine Jean-Pierre said in a statement.

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