#deficit

#deficit

Earlier this month, billionaire Elon Musk, the one-time DOGE leader and Trump adviser, sat down with Katie Miller on her podcast to reflect on his time with the administration. He called DOGE's work "a little bit successful" but said he wouldn't do it again if given the chance. "We were somewhat successful, Musk said. "I mean we stopped a lot of funding that really just made no sense, that was just entirely wasteful."

"Generational" is the Carney government's adjective of choice at this moment of consequence. The word appeared 11 times in the prepared text of Francois Philippe-Champagne's budget speech and another 45 times in the 493-page budget document. It is a word apparently meant to speak to both the gravity of the country's situation and the bigness of this government response. "This is not a time for small plans," Champagne writes in the budget's foreword.

President Trump's One Big Beautiful Bill Act is projected to add over $4 trillion to the deficit, which is $700 billion more than previously estimated.

The budget projects that the state will receive $208.6 billion in general fund revenues during the fiscal year that began on July 1, but it will spend $228.4 billion.

The economic effects of Trump's policy bill aim to make big tax cuts permanent while funding them through cuts to Medicaid and substantial borrowing, increasing the deficit dramatically.

Public sector spending has continued to significantly exceed income in April, leading to a spending deficit covered by borrowing of £20.2bn.

Deliberations continue at this very moment... I suspect right up until the time we put this big, beautiful bill on the floor of the House.