The Feds will strike a “challenging” balance in the budget update, Freeland says

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OTTAWA – Finance Minister Chrystia Freeland said on Tuesday the government’s autumn economic statement will focus on housing and affordability within a fiscally responsible framework.

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“It’s a difficult balance. Our government is committed to this,” she said.

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The federal government’s financial reports were released Tuesday, showing the deficit for the 2022-23 fiscal year was $35.3 billion. That’s $7.7 billion less than forecast in the spring budget.

Treasury President Anita Anand, who attended a news conference with Freeland on Tuesday, welcomed the smaller-than-expected deficit.

“This is great news,” Anand said. “This shows that, as we have done during the COVID-19 pandemic, we can change and realign our priorities to reduce our deficit.”

The federal government is under pressure to rein in spending in the wake of the COVID-19 pandemic, especially given the economic slowdown.

But it is also under significant pressure to address the national housing crisis as polls show support for the governing Liberals is falling.


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