Ottawa's operating spending — not capital — driving deeper deficits: PBO

OTTAWA - The parliamentary budget officer projects Ottawa will blow past the new fiscal anchors set out in last week's 2025 federal budget.

Interim budget officer Jason Jacques says in a new analysis of the budget that Ottawa is set to run an average deficit of $64.3 billion over the next five years — double the level set out in the federal government's last fiscal update in late 2024.