Freeland’s over-budget spending burns through extra cash from taxpayers

The Canadian Taxpayers Federation is criticizing Finance Minister Chrystia Freeland for spending $20.2 billion over budget.

“Freeland is somehow managing to spend $20 billion over budget,” said Franco Terrazzano, Federal Director for the CTF. “The government received a boat-load of extra cash from taxpayers and the government is still racking up more credit card bills.

“Freeland is pinky promising a balanced budget eventually, but even that relies on taking an extra $129 billion from taxpayers.”

The fiscal update shows the government's spending will go over budget by $20.2 billion. The budget released in April projected total spending to be $452.3 billion. The fiscal update projects spending to be $472.5 billion this year.

The fiscal update projects this year's deficit at $36.4 billion. The lower projected deficit is because government revenue is increasing by $37.5 billion since the budget. The fiscal update projects a balanced budget eventually due to an extra $129.1 billion in revenue since the beginning of this fiscal year.

“Freeland needs to stop borrowing so much money before interest charges tear a bigger whole in the budget,” said Terrazzano. “Interest charges on the government credit card will cost taxpayers $35 billion this year. That's billions that can't be used to improve services or lower taxes because it's going to the bond fund managers on Bay Street.”

Debt interest charges will cost taxpayers $34.7 billion. That's $7.8 billion more than the budget projected.

“Canadians can't afford gasoline or groceries because the government is spending like crazy and raising taxes,” said Terrazzano. “Freeland needs to stop wasting so much money and cut taxes now.”