Canada’s Parliamentary Budget Officer (PBO) warns the nation is headed for a “sharply” increased deficit of up to $68.5 billion by year-end, calling the figures “definitely a cause for concern.”
Interim PBO Jason Jaques told the Standing Committee on Government Operations and Estimates on Thursday that “everybody should be concerned” about spending.
“It’s a really serious day. This is the first time in 30 years that we’ve tabled an economic and fiscal outlook where the general, and probably most important fiscal anchor for any government isn’t declining or at least stable debt-to-GDP ratio,” he said. “The first time in 30 years that I’ve seen one in which that ratio is going up over time. So that’s definitely a cause for concern.”
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