March 29, 2023

GOOD MORNING

The details of 2023’s federal budget includes a projected $40 billion deficit, cutting three per cent of spending for federal government departments, and new funding for the next phase of a national dental program.

Here's what you need to know to start your day.

Budget 2023

The government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care, and the clean economy. The federal deficit is projected to be $40.1 billion in 2023-24, nearly $10 billion more than forecast in last fall's economic snapshot. A slowing economy and new Liberal spending are behind this increase.

Government cuts

The federal budget also proposes an across-the-board three per cent spending cut for all departments and agencies, a belt-tightening move after years of massive growth in the federal public service. The proposal is one of several the Liberals say will save more than $15 billion in government spending over the next five years.

Dental care

The government's dental-care insurance program is now set to cost more than double what the Liberals originally thought, adding another $7.3 billion over five years. Last year, the government set up a temporary dental benefit for uninsured children under the age of 12 in families with a household income of less than $90,000.

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