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<\/p>\nWhat are the main takeaways from Carney’s first budget? | Hanomansing Tonight<\/p>\n
Finance Minister Fran\u00e7ois-Philippe Champagne delivered the Liberal government\u2019s first budget on Tuesday. CBC reporters break down the budget\u2019s political and economic implications, including a major new direction in defence spending.<\/p>\n
The budget includes $51 billion in infrastructure spending over the next decade, which Bethlenfalvy called disappointing. Ontario is planning to spend about $200 billion on infrastructure over the next 10 years, he said, and the province was hoping for $100 billion in federal infrastructure funding.<\/p>\n
\u201cIt falls really short there,\u201d he said. \u201cAlso, on the nation-building side, we did not see a commitment to some of our priorities.\u201d<\/p>\n
Those priorities include large-scale nuclear energy, mining the Ring of Fire, and the province\u2019s controversial Highway 401-tunnel project, he said. <\/p>\n
\u201cThese things are really important to creating jobs, getting shovels in the ground, moving our province forward,\u201d he said.<\/p>\n
Under the new budget, major projects like high-speed rail, new ports, carbon capture and storage face likely approval in the coming months.<\/p>\n
The budget also fell short in support for workers and businesses impacted by U.S. tariffs, Bethlenfalvy said.<\/p>\n
\u201cI\u2019ve had workers asking me what\u2019s in the budget for Oshawa, what\u2019s in it for Windsor?” he said. \u201cThere isn\u2019t much there specifically.\u201d<\/p>\n
WATCH | \u2018Think twice\u2019 before rejecting budget: finance minister:<\/strong> \u2018Think twice\u2019 before rejecting budget: finance minister<\/p>\n Finance Minister Fran\u00e7ois-Philippe Champagne says he hopes members of Parliament will think carefully about their votes on the budget. Champagne says now isn\u2019t the time for \u2018political games.\u2019<\/p>\n In his budget speech Tuesday, Champagne said the level of economic uncertainty the country is facing is generational, and the government\u2019s budget would help prop up the economy as Canada grapples with major economic disruptions.\u00a0<\/p>\n Earlier this week, Bethlenfalvy had said he would like to see federal tax cuts in the budget, saying that could help the economy in light of U.S. tariffs. The budget included the removal of two high-end taxes on underused housing and luxury aircraft and boats, but the minister did not mention tax cuts in his comments Wednesday.<\/p>\n Is Bethlenfalvy teasing fall economic statement?<\/p>\n The finance minister’s focus on infrastructure spending and protecting jobs from the impacts of U.S. tariffs may provide a glimpse of the themes of the fall economic statement, which often serves as a mini budget, that Bethlenfalvy is set to table Thursday.<\/p>\n In another recent financial update, the 2025-26 first quarter finances, the government projected a $14.6-billion deficit this year.<\/p>\n But in a speech earlier this week, Bethlenfalvy noted the province ended last year with a deficit of $1.1 billion, significantly smaller than the $9.8 billion it had projected.\u00a0<\/p>\n He also touted a debt-to-GDP ratio that is the lowest it’s been in a decade and falling costs of servicing the province’s debt, suggesting the books may be improving.<\/p>\n Bethlenfalvy has already made a few pre-fall economic statement announcements, including an HST rebate for some first-time homebuyers and $1.1 billion for home care.<\/p>\n Toronto mayor praises housing spending, food program<\/p>\n The budget was well-received by Toronto Mayor Olivia Chow, who said in a statement that she welcomed \u201cthe federal government\u2019s commitment to building more affordable homes and investing in critical city infrastructure.\u201d<\/p>\n \u201cThe 2025 federal budget represents a significant step forward for Toronto, but only if the provincial government matches its ambitious infrastructure and housing investments,\u201d she said.\u00a0<\/p>\n Federal funding will help the city create 230 supportive homes on public land in the next 18 months, and preserve about 1,000 at-risk homes, she said.<\/p>\n Chow also praised Ottawa\u2019s decision to make the national school food program permanent.<\/p>\n Opposition reacts to federal budget<\/p>\n At Queen’s Park on Wednesday, Ontario NDP Leader Marit Stiles asked Ford to deliver a jobs plan for Ontario, saying the federal budget did not deliver on it.\u00a0<\/p>\n \u201cWe have a federal budget that I\u2019m just going to just say, I do not think delivered on what we needed in this moment,\u201d Stiles said. \u201cWhat Ontarians need right now is a government that is going to stand with workers.\u201d<\/p>\n When it comes the finance minister\u2019s demands for the 401 tunnel, Ontario Green Party Leader Mike Schreiner called the idea ridiculous Wednesday.<\/p>\n \u201cI think it\u2019s unrealistic for anyone to support a tunnel that\u2019s going to create a traffic chaos and be a fiscal nightmare for the province of Ontario,\u201d Schreiner said. \u201cThere is no way the federal government is going to invest in this ridiculous tunnel and I don\u2019t even understand why the province is embarrassing us by continuing to ask for it.\u201d<\/p>\n Shelly Kaushik, senior economist at BMO, said that seeing things like the national school food program become permanent, as well as funding for infrastructure and housing should help with affordability in the longer term.\u00a0\u00a0<\/p>\n \u201cA deficit of $78 billion this fiscal year is certainly nothing to sneeze at \u2026 that\u2019s the deepest deficit we\u2019ve seen [since the] pandemic,\u201d Kaushik said.<\/p>\n Kaushik said rental stability due to immigration changes will hopefully give Canadians some financial relief. <\/p>\n The budget did include some marginal support for tariff impacted sectors, including employment insurance benefits for workers, but Kaushik said ultimately, a trade deal is needed to help manufacturers.\u00a0<\/p>\n Torontonians react to federal budget<\/strong><\/p>\n Torontonian Shannon Mollow, who lives in Ave. Road and Eglinton West says that there are still a lot of empty store fronts post-pandemic. <\/p>\n \u201cI\u2019m hoping for the government to be more responsible for the excess spending and if we have to go to election, we go to an election and if it makes things better, it makes things better,\u201d said Molloy.<\/p>\n Pamela Hodgson, speaking next to her 14-year-old granddaughter, said she\u2019s happy with the budget and sees it helping Canada\u2019s future.<\/p>\n \u201cI really believe that we have to move forward and I think the budget yesterday is going to get us there, I really do,\u201d Hodgson said. \u201cHopefully it will pass. Nobody wants an election again.<\/p>\n","protected":false},"excerpt":{"rendered":"Ontario\u2019s finance minister says the new federal budget put forward by Prime Minister Mark Carney\u2019s government \u201clacks some…\n","protected":false},"author":3,"featured_media":358293,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2147,50],"class_list":{"0":"post-358292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-canada","9":"tag-news"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115499171622730782","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/358292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=358292"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/358292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/358293"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=358292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=358292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=358292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/11\/1762377371_34_default.jpg\")
<\/p>\n![\"Woman](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/11\/1762377372_317_default.jpg\")
Shelly Kaushik, senior economist at BMO, says the 78B deficit is ‘nothing to sneeze at.’ ( Paul Smith\/CBC News)Deficit is \u2018nothing to sneeze at,\u2019 economist says<\/p>\n