PBO says deficit likely exceeded Liberals' $40B pledge, economy to rebound in 2025

The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

PBO says deficit likely exceeded Liberals' $40B pledge, economy to rebound in 2025
Parliamentary Budget Officer Yves Giroux waits to appear before the Standing Committee on National Security, Defence and Veterans Affairs (SECD) at the Senate in the Parliamentary Precinct of Ottawa, on Monday, June 3, 2024.

The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.