'Missed opportunity': Former politicians react to fiscal update
BNN Bloomberg
The federal Liberals offered no plan for a return to balance in its fall fiscal update, and former lawmakers across the political spectrum disagreed Wednesday about the importance of a balanced budget.
Finance Minister Chrystia Freeland tabled the federal government’s fiscal update on Tuesday, including projections for a $40-billion deficit for 2023-2024 and an $18.4 billion deficit in 2028-2029.
Lisa Raitt, a former deputy Conservative leader who now serves as vice-chair of global investment banking at CIBC Capital Markets, said the Conservative Party is right to hammer in on the federal deficit, as higher borrowing rates force debt payments higher and further strain federal finances.
“What Conservatives are trying to drill in on is that fact that if you add more deficit, more debt and interest rates are going higher and higher, you’re going to have to pay more to service the debt,” she told BNN Bloomberg in a panel discussion on Wednesday.
