Canada’s deficit crisis is getting worse, not better, under so-called global banking expert Mark Carney.

The federal deficit now sits at a staggering $78.3 billion, representing the highest in Canadian history outside of pandemic-era spending, with officials admitting it’s likely headed even higher before the fiscal year wraps on March 31.

“There have been additional announcements since the budget,” testified Interim Budget Officer Jason Jacques, as reported by Blacklock’s.

$78B deficit target, already 192% higher than original forecast, is not done yet, Budget Office tells senators: 'It may now run a bit higher.'  https://t.co/9hMsZ3NXay #cdnpoli @PBO_DPB pic.twitter.com/t3MJHuun2B

— Blacklock's Reporter (@mindingottawa) February 11, 2026

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Jacques pointed to the slow creep of new spending announcements, such as the latest five-year, $13.8 billion increase in GST credits, as “something that in isolation would increase the deficit this year.”

The original 2025 deficit target was said to be $26.8 billion, but continued overspending has ballooned that figure more than two-fold.

Mark Carney giving main character vibes as he congratulates the Heated Rivalry team on their 'success' and laughs about $3 MILLION of taxpayer money funding a queer hockey bromance… claims, “I greenlit this thing. I stood up to the Americans!”

Your tax dollars hard at work… pic.twitter.com/x4VMXOegxZ

— Tamara Ugolini 🇨🇦 (@TamaraUgo) February 3, 2026

Even senators are questioning how much worse it’s going to get, but Canadians are ultimately left without a straight answer.

While Jacques said that an updated Economic and Fiscal Outlook is expected to be published by the end of March or beginning of April, there’s no determination on when the budget may be balanced – if ever.

Despite promises about “discipline” and “efficiency,” there’s still no timeline to get back to balance.

Former UK Prime Minister Liz Truss on Mark Carney:

"I strongly recommend not backing Mark Carney for his policies on Net Zero. It was disastrous for Britain. It would be disastrous for Canada."

⬇️⬇️⬇️ pic.twitter.com/eoTo0RjKgl

— The Counter Signal (@TheCounterSgnl) January 20, 2025

The last time Canadians saw a balanced budget was in 2007, 19 years ago.

For a government backed by a so-called global financial heavyweight, the numbers tell a very different story. The deficit isn’t shrinking.

It’s growing.