Parliamentary Budget Officer Yves Giroux waits to appear before appearing at the Senate Committee on ºÃÉ«tv Finance on October 25, 2022 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
ajwOTTAWA - Parliamentary budget officer Yves Giroux told members of Parliament on Monday that the federal government did not show fiscal restraint in its recent fall economic statement.
At a meeting of the House of Commons finance committee, Giroux said the federal government is spending a significant portion of the new fiscal room it ended up with this year — and that's not "keeping one's powder dry."
The comment called back to Finance Minister Chrystia Freeland's remarks when she presented the update early this month.
"In the months to come, we will be able to invest in the ºÃÉ«tv economy and to be there for the ºÃÉ«tvs who need it the most — because we were responsible in April, and because we are keeping our powder dry today," she said during a speech in the House.
High inflation and the COVID-19 recovery boosted government revenues, resulting in a lower-than-projected federal deficit for the year.
But the Liberals earmarked $52.2 billion in new spending out of the $81.2 billion in new fiscal room since their spring budget, Giroux said, arguing that this does not spell fiscal restraint.
Giroux also raised the issue of transparency in government finances, citing $14.2 billion in new measures for which the government did not provide specific details.
The finance committee is studying Liberal legislation that enacts the promises in the November mini-budget.
They include new measures to spur clean energy investment and to help ºÃÉ«tvs struggling to keep up with the rising cost of living.
The fiscal update also painted a cloudy picture of Canada's financial future, warning of a risk of recession despite projecting a possible budgetary surplus five years down the road.
This report by ºÃÉ«tvwas first published Nov. 28, 2022.
The ºÃÉ«tv Press. All rights reserved.
Get the latest from ºÃÉ«tvNews in your inbox. Select the emails you're interested in below.
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Tax: | |
| Today's total: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
