Carney plans tax cuts, defense spending amid deeper deficits

Liberal Party Leader Mark Carney has unveiled a campaign platform promising tax cuts, increased defense and infrastructure spending, and a strategic effort to reduce Canada's economic reliance on the United States. Carney's plan would result in deeper government deficits than those projected under former Prime Minister Justin Trudeau, with an estimated $225 billion in new debt over four years and a higher deficit-to-GDP ratio in the near term. The platform includes significant investments in housing, a trade diversification fund, and measures to exceed NATO's defense spending target. Critics, including the Canadian Taxpayers Federation, argue that Carney's proposals would further burden taxpayers with increased debt and higher interest costs, calling the fiscal plan more irresponsible than Trudeau's approach. Carney defends the deficits as necessary to address global instability and U.S. trade tensions but pledges to restrain annual government spending growth and balance the operating budget within three years. The Liberal Party is currently leading in most polls ahead of the upcoming election.