Carney Liberals won’t table a budget this year, finance minister says

This marks the longest stretch without a budget since the 1960s and the first non-COVID-related instance in over two decades, which has been called "extremely unusual."

 

The federal government will not present a budget when Parliament reconvenes on May 26, opting instead for a Fall Economic Statement.

“Will you table a budget?” asked a reporter. “There will be a Fall Economic Statement,” replied Finance Minister François-Philippe Champagne.

“Why no budget before summer?” asked a reporter. “First thing, tax cuts,” replied Champagne.

During the election, Carney announced $129 billion in new deficit-increasing measures, including a one percent tax cut for the lowest income bracket.

A Ways and Means Motion will propose reducing the lowest income tax bracket from 15% to 14.5% (July 1) and then to 14% (January 1, 2026). The Budget Office estimates this will cost $4.2 billion in 2025 and $5.8 billion in 2026.

“It sends a very clear message to Canadians that we care,” Champagne said of the tax cut. “We expect other parliamentarians to support the government because this is about Canadians.”

“You’re going to leave it to the second half of the fiscal year?” asked a reporter. “That’s what I am saying,” replied Champagne. Parliament hasn't passed a Budget Implementation Act since June 19, 2024.

This marks the longest stretch without a budget since the 1960s and the first non-COVID-related instance in over two decades, which has been called "extremely unusual."

Blacklock’s said the minister did not provide a release date for the Fall Economic Statement, which is usually issued in November or December.

Asked about funding, Carney clarified they would seek government efficiency. “We will cut the lowest income tax bracket by one percentage point for a middle class tax cut that will benefit a two-income family by up to $825,” he told reporters.

Carney announced a "middle class tax cut" on March 23 that benefits all income tax filers but did not specify how it would be financed.

“We are differentiating between spending less as a government,” said the former central banker. “That in and of itself will create room.”

The Liberal election platform projected a $62.3 billion deficit this fiscal year, exceeding $61.9 billion from last year, and the 2008 financial crisis ($55.6 billion). Carney criticized his predecessor for deficit spending before dropping the writ.

Opposition from the Canadian Taxpayers Federation (CTF) emerged yesterday, calling on the federal government to present a 2025 budget, now.

Carney plans to add an extra $225 billion to the debt over the next four years, according to his election platform. For comparison, the Trudeau government planned on increasing the debt by $131 billion over those years, according to the most recent Fall Economic Statement.

The costed Liberal platform will add an extra $5.6 billion in interest over four years, according to the Taxpayers Federation. 

Debt interest charges already cost $54 billion annually — over $1 billion weekly. That’s about the same amount of money as the federal government sends to the provinces through the Canada Health Transfer.

“Failing to even present a budget is a huge crack in Prime Minister Mark Carney’s credibility,” said Franco Terrazzano, CTF Federal Director. “You can’t be credible with the finances if you can’t even bother to put together a budget.”

Conservative leader Pierre Poilievre concurred with the taxpayer advocate. “Well, a budget is a plan, and if he [Carney] does indeed have a plan, … then he would introduce a budget so that Canadians know exactly what the finances are.”

Poilievre stated that a budget informs Canadians about debt, deficit, interest rates, inflation impacts of tax policies on employment, and laws affecting infrastructure and job creation.

“From the Americans who are threatening us with tariffs,” he added, noting a hallmark of the Liberal campaign was fighting American threats to Canadian industry and sovereignty.

“Now, Mr. Carney said during the election campaign that he had a plan, and he took great delight in saying that a slogan is not a plan,” Poilievre continued.

He proposed a meeting with the Prime Minister to present Conservative solutions for potential adoption. “I want him to steal our best ideas.” That includes cutting the bureaucracy, consultants, foreign aid, and other wasteful spending to bring down deficits, inflation, and taxes

Please help me stop Mark Carney — before it’s too late!

Mark Carney wasn’t elected — he was installed by the global elites. And now that he’s in charge, they think they’ve won. But not if we have anything to say about it. While the bought-and-paid-for media slobber over their new golden boy, we’re hitting the streets, digging into his World Economic Forum playbook, and calling out the radical agenda they’re trying to ram down Canada’s throat. This is the fight of our lives — and we’re not backing down. Help us keep our reporters on the ground, our billboard truck on the move, and our message uncensored. Pitch in now if you want to stop Mark Carney before he does irreversible damage.

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Alex Dhaliwal

Journalist and Writer

Alex Dhaliwal is a Political Science graduate from the University of Calgary. He has actively written on relevant Canadian issues with several prominent interviews under his belt.

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COMMENTS

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  • Bernhard Jatzeck
    commented 2025-05-15 19:30:09 -0400
    Why table a budget when the taxpayer is treated like an endless horn of plenty?
  • Bruce Atchison
    commented 2025-05-15 18:28:27 -0400
    Carney’s a liar. Can we believe anything he says? And actions speak true. He won’t do what he says because he’s a Liberal. Liberals lie and that’s all there is to it.