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On last night's episode of The Ezra Levant Show, Franco Terrazzano of the Canadian Taxpayers Federation discussed whether Mark Carney is really going to cut spending.

Multiple recent reports from mainstream media claim that Carney is looking to cut billions of dollars from the federal budget.

Despite the claims, Terrazzano explained why he doubts the sincerity of Carney's purported pledge to cut billions of dollars in spending.

"We need some spending cuts. Now you ask the question, are we actually going to see spending go down? I'm skeptical just like you are Ezra. And here's why: guess what fool me once, shame on you, fool me twice, shame on me," he said.

"In 2023, a lot of people didn't see this in the budget, it was buried, but the government actually said it was going to find $15 billion in savings over five years, that was the 2023 budget. Well 2024 comes around, and what happened? The government increased spending by $25 billion," he added.

Terrazzano went on: "When you increase spending by $25 billion, you're saving money wrong. Now Ezra, will Carney make spending cuts? Honestly, I'm skeptical, we'll have to wait and see to know for sure. But what I think is going to happen, is likely they will continue to increase spending, but spending growth won't be as high as it was under the Trudeau era."

Carney reportedly wants to cut "operational spending" by 7.5% in the fiscal year 2025-2026, and 10% in 2026-2027.