CP NewsAlert: Budget watchdog forecasts sharp rise in deficit to $68.5B this year

By Canadian Press on September 25, 2025.

OTTAWA — The parliamentary budget officer says he expects the upcoming fall budget will reveal a sharp increase in Ottawa’s annual deficit to $68.5 billion this year, up from $51.7 billion last year.

Interim PBO Jason Jacques also forecasts in a new report that federal debt-to-GDP is no longer on a declining path over the medium term — previously a key fiscal anchor for the federal government.

More coming.

Craig Lord, The Canadian Press

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