Canada Global(Web News)Liberal Leader Mark Carney’s plan for Canada includes $130 billion in new spending, which will cover the deficit by fiscal year 2028-29, as outlined in a platform launched by Carney. The platform, titled ‘Unite, Secure, Protect, Build,’ also promises to spend more than $18 billion on national defense, putting Canada on track to surpass NATO’s goal by 2030, policy experts told reporters.
Part of these expenditures include new submarines and additional icebreakers for the Royal Canadian Navy and the purchase of Canadian-made aircraft early warning and control aircraft.
The PBO baseline indicated a deficit of $46.8 billion for this fiscal year, equivalent to 1.47% of Canada’s gross domestic product (GDP). The baseline also showed that the deficit-to-GDP ratio would decline to 1% next year and remain below that mark for at least the next two years.
“We will balance the operating budget over the next three years, by reducing waste, eliminating duplication and using technology,” Mark Carney said during a press conference in Whitby. Carney also launched the party platform during the event. The Liberal platform projects a $222 million surplus in the operating budget at the end of the four-year term, as Carney had promised. The Liberal leader claims that these measures will boost the economy and offset the impact of Trump’s tariffs. Overall, he said, his plan
would create $500 billion in economic value for Canadians over the next five years.
The Liberal platform also indicates that the government expects to generate $20 billion in revenue from Canada’s tariff response. Carney has previously said that the money will be used to support affected businesses and workers. As a tariff war with the United States rages in this federal election, U.S. President Donald Trump’s name appears eight times in the Liberal platform, a sign of the continued threat of tariffs from the United States.
The government led by Mark Carney promises to prioritize Canadian contractors in defense procurement. Including the Canadian aerospace industry. The Liberals also promise to establish “Canadian-made” standards for federal infrastructure funding, while promoting Canadian steel, aluminum and forest products. Carney is also promising to protect Canada’s agricultural industry by excluding all supply-side sectors from trade talks with the United States. The Liberals say this will help protect Canadian jobs in sectors including dairy, poultry and eggs.
Health care will also see a significant investment of $5.4 billion over four years, $4 billion of which will be spent on infrastructure. The money will be spent on building hospitals, clinics and upgrading community health care infrastructure, according to the platform. The Carney-led government promises to add thousands of new doctors to Canada’s health care system by building new medical schools and expanding medical schools and residencies. According to the platform, the Liberals also promise to work with the provinces to streamline the credential recognition system for locally trained doctors and nurses so that qualified health care professionals already here can contribute to the health care system.