Liberal budget 2022 projects $53B deficit, pares back campaign promises amid global 'uncertainty'

National Post: 'The federal deficit is now at $52.8 billion for 2022-2023, slightly less than expected in last fall’s economic update at $58.4 billion. Even though the government benefited from an additional $14.3 billion dollars thanks to inflation and high prices generating revenue in taxes, Freeland opted not to spend all of the extra money....

'Since last fall, the government announced $1.3 billion in new policies; the budget adds $7.4 billion mostly in promises related to housing, reconciliation, and climate change. Taxing big banks, as promised, will also bring in an additional $2 billion just this year.

'The ratio of debt-to-GDP is also on the decline according to the government’s projections; it will be a proportion of 45.1 per cent in 2022-2023 and will progressively go down to 41.5 per cent by 2026-2027. The deficit is set to decline progressively as well, to be less than $10 billion within five years.'