Canada's New Government Approves First Budget
(MENAFN- Qatar News Agency) Canada's governing Liberals unveiled their first federal budget, outlining the new government's plans to kickstart the sputtering economy by spending billions on infrastructure projects and tax benefits for the middle class.
The Liberal budget also includes record spending on Canada's indigenous communities. Federal Finance Minister Bill Morneau plans to spend 29.4 billion Canadian dollars (22.5 billion US dollars) more than the government collects in taxes in the 2016-17 fiscal year, the budget showed. But he also promised his first budget would generate 100,000 jobs and stimulate economic growth.
Morneau projects more red ink in coming years: 29 billion dollars again in fiscal year 2017-18, then 22.8 billion dollars in 2018-19 and 17.7 billion dollars in 2019-20. "Today we begin a long-term plan that will use smart investments in an unwavering belief that progress is possible to insure that Canada's best days lie ahead," Morneau told the House of Commons as he presented the budget. "It is an essential step in a sustained and strategic effort to restore prosperity and optimism," he said.
The new government, led by Prime Minister Justin Trudeau, was elected in October. Canada, a country with a population of 35 million, has a GDP of 1.7 trillion dollars, according to the World Bank.
During last year's campaign, the Liberals promised "modest deficits" of no more than 10 billion dollars over the course of their mandate and pledged to balance the books by 2019-20.
The Liberal budget also includes record spending on Canada's indigenous communities. Federal Finance Minister Bill Morneau plans to spend 29.4 billion Canadian dollars (22.5 billion US dollars) more than the government collects in taxes in the 2016-17 fiscal year, the budget showed. But he also promised his first budget would generate 100,000 jobs and stimulate economic growth.
Morneau projects more red ink in coming years: 29 billion dollars again in fiscal year 2017-18, then 22.8 billion dollars in 2018-19 and 17.7 billion dollars in 2019-20. "Today we begin a long-term plan that will use smart investments in an unwavering belief that progress is possible to insure that Canada's best days lie ahead," Morneau told the House of Commons as he presented the budget. "It is an essential step in a sustained and strategic effort to restore prosperity and optimism," he said.
The new government, led by Prime Minister Justin Trudeau, was elected in October. Canada, a country with a population of 35 million, has a GDP of 1.7 trillion dollars, according to the World Bank.
During last year's campaign, the Liberals promised "modest deficits" of no more than 10 billion dollars over the course of their mandate and pledged to balance the books by 2019-20.
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