A big question ahead of the budget was how the Carney government would balance its ambitious investment agenda against fiscal constraints. The answer is a budget balance that looks better than it did in the spring, but declines slower than many fiscal hawks would like. And the surprise: a major revenue windfall, driven largely by soaring global oil prices. But this money isn’t going toward the deficit. Instead, the government plans to spend it on new initiatives over five years, from boosting housing supply to bulking up cultural sovereignty. The deficit for the 2026-27 fiscal year amounts to $62.3-billion, roughly in line with private-sector expectations. The government said the deficit will shrink slightly in the coming years, reaching $52.9-billion by 2030-31. Globe columnist Andrew Coyne says this budget isn’t serious about tackling Canada’s deficit. “Somebody once said that hope is not a strategy,” he says. “It’s not much of an approach to budgeting either.” Video by Kelsey Wilson and Sarah Espedido.

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A big question ahead of the budget was how the Carney government would balance its ambitious investment agenda against fiscal constraints. The answer is a budget balance that looks better than it did in the spring, but declines slower than many fiscal hawks would like. And the surprise: a major revenue windfall, driven largely by soaring global oil prices. But this money isn’t going toward the deficit. Instead, the government plans to spend it on new initiatives over five years, from boosting housing supply to bulking up cultural sovereignty. The deficit for the 2026-27 fiscal year amounts to $62.3-billion, roughly in line with private-sector expectations. The government said the deficit will shrink slightly in the coming years, reaching $52.9-billion by 2030-31. Globe columnist Andrew Coyne says this budget isn’t serious about tackling Canada’s deficit. “Somebody once said that hope is not a strategy,” he says. “It’s not much of an approach to budgeting either.” Video by Kelsey Wilson and Sarah Espedido. #Canada #CdnPoli #budget

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