OTTAWA – The new Liberal government will open the federal books for Canadians this morning as it releases its fiscal and economic update.
It will mark the first time the Liberals present the numbers to the public since they defeated the Conservatives in last month’s election.
Finance Minister Bill Morneau’s update will also come after months of downgraded economic projections.
The economy has struggled amid weaker-than-expected global growth, stubbornly low commodity prices and the failure of other sectors to pick up the slack from the resources industry.
Morneau’s update will also shed light on any hurdles the government faces as it tries to keep budgetary deficits in check while carrying out big spending promises aimed at helping the economy.
The government vowed to cap shortfalls at no more than $10 billion a year over the next three years and still achieve a balanced budget before the next election in 2019.
The Finance Department says the calculations in today’s update will not factor in any of the new measures promised by the Liberals.