"Canada's prime minister Mark Carney's minority government has survived two confidence votes on its budget, quashing fears for now of a winter federal election. The Liberals managed to pass the second of three votes on the plan on Friday, paving the way for tens of billions in new spending. The party, which needs the support of opposition lawmakers, benefitted from Conservatives voting alongside the Liberals, putting the budget on course for a final and consequential vote in mid-November. But the results are also a reminder for Carney, the wonkish economist, of the unpredictable and fortuitous realities of politics."
"Francois-Philippe Champagne, the finance minister, unveiled the Liberal government's sprawling federal budget on Tuesday, explicitly acknowledging that a protracted trade war with the United States and a weakening domestic economy had forced the government to run a deficit tens of billions larger than initially forecast. The level of uncertainty is higher than what we have seen and felt for generations, he told lawmakers during his budget speech. Bold and swift action is needed. That action takes the form of billions in generational investments that would fundamentally reshape the nature of the country's economy."
The minority Liberal government survived two confidence votes on its budget, averting an immediate winter federal election. The Liberals passed the second of three votes with support from some Conservatives, allowing tens of billions in new spending and setting up a final vote in mid-November. Finance Minister Francois-Philippe Champagne acknowledged that a protracted US trade war and a weakening domestic economy increased the fiscal shortfall. The projected federal deficit rose from C$42.2bn to C$78.3bn for 2025-26, with a plan to shrink it to C$56.6bn by 2029-30. Prime Minister Mark Carney has cultivated a technocratic image and moved quickly on a by-election for the Conservative leader.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]