Liberal leadership candidate Mark Carney plans ‘small’ deficits for capital projects

By Canadian Press on February 19, 2025.

OTTAWA — Liberal leadership candidate Mark Carney is vowing to split the federal budget between capital and operating spending, and to balance the operating side while running small capital deficits.

Carney made the comments at a press conference in Scarborough, Ont., where he also promised he would reduce the debt-to-GDP ratio over time.

He did not specify what kind of fiscal anchor he has in mind but said that Prime Minister Justin Trudeau’s government has been spending “too much.”

Rival candidate Chrystia Freeland, meanwhile, was campaigning at a dairy farm in Waterville, Que. with Liberal MP Marie-Claude Bibeau.

Freeland said she would fiercely defend Canadian agriculture and supply management from U.S. President Donald Trump’s trade threats.

All the leadership candidates, including Karina Gould, Frank Baylis and Ruby Dhalla, will square off next week in two televised debates in Montreal — the only debates in the race.

This report by The Canadian Press was first published Feb. 19, 2025.

Kyle Duggan, The Canadian Press

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