Freeland to release mini-budget today as economists warn a recession is coming
CBC
Finance Minister Chrystia Freeland will table her fall economic statement today — a roadmap of what's to come from the federal government as the economy stands on the brink of a recession.
Prime Minister Justin Trudeau faced some heat when he told reporters during the 2021 election campaign that he doesn't pay much attention to monetary policy and the Bank of Canada's mandate to keep inflation at manageable levels.
"You'll forgive me if I don't think about monetary policy. You'll understand, I think about families," Trudeau said at a Vancouver campaign stop.
But now, with inflation at levels not seen in decades, monetary policy is something virtually everyone in government is seized with as the central bank hikes rates to push down sky-high prices.
Under Canada's system, monetary policy (interest rates) is set by the Bank of Canada, while fiscal policy (spending) is up to the elected government.
Speaking to reporters Wednesday, Liberals MPs said they don't expect to see major fiscal outlays from Freeland as the central bank continues to fight inflation.
"I'm a balanced guy. That might mean cuts in some places and some expenses in others. That works for me," Liberal MP Greg Fergus said.
WATCH: Liberal MPs discuss priorities ahead of Freeland's mini-budget
Ontario Liberal MP Marcus Powlowski said that with interest rates so high, "times are changing."
"I think there's more of an opportunity to be frugal," he said. "Any debt we incur is going to grow."
MP Rachel Bendayan, the associate minister of finance, said the government has been "extremely fiscally responsible" and is "planning on continuing on that track."
Conservative Leader Pierre Poilievre has made it clear what he wants: no new spending unless there are cuts elsewhere.
Anything else would be "pouring inflationary fuel on the fire," Poiliere said in question period Wednesday.
WATCH: Opposition leader asks Liberals about fall economic statement
Saskatoon city hall says police spending is projected to be $2.6 million over budget this year. That pushes the city into a $1.2-million deficit position, according to a report that will be considered by city council next week.
Students at the University of Regina are days away from deciding whether a newly formed student association should become their official representative body.
All public schools on P.E.I. are closed Friday and thousands of Maritime Electric customers are without power as strong winds create hazardous travel conditions across the province.
Prince Rupert, B.C., residents are celebrating the holidays this year with coastal flair.
In the four years Chelsey Simmonds has worked at the Eva Rothwell Centre, she has seen the need increase every year at the centre’s community food pantry.
CBC is once again looking to make the holiday season kind in Windsor-Essex.
Acute Care Alberta has extended its contract for another year with a private surgical facility at the centre of probes into health procurement and contracting.
As food bank use continues to climb across the province, front-line workers in Thunder Bay, Ont., are working to improve both food security and education.
More ads could soon be coming to Toronto’s subway system.
The driver wanted in connection with a fatal hit and run on Highway 401 earlier this week has been identified, police say.
There are mixed feelings about the proposed Grays Bay road and port project, among people who live in nearby communities.
WARNING: This story details allegations of child abuse and includes graphic content.
Provincial police in Lambton County have charged a 23-year-old man with second degree murder following a death investigation that began this past Saturday.