$350 billion for coronavirus relief: Trudeau Liberals grant themselves wartime spending power
Justin Trudeau's cabinet gave itself the power to borrow $350 billion to spend on coronavirus pandemic relief program on March 24.
And they only told us about it yesterday.
According to Blacklock's Reporter, the additional spending will add 45 per cent to the federal debt of over $713 billion:
It sets “$350 billion to be the maximum aggregate principal amount that may be borrowed by the Minister of Finance in the 2020-2021 fiscal year” beginning today.
In 2018-2019, the entire federal budget was $346.2 billion, up from $330 billion the year before.
On Friday, March 13, Parliament passed two Appropriation Acts worth $47.8 billion to fund federal departments, and passed C-12, An Act To Amend The Financial Administration Act which:
...allows cabinet to spend at will “where a payment is required for the public good at any time that Parliament is in session but is not sitting” until June 24.
In all, the Acts were voted on, signed and approved by the Senate in less than two hours.
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