Interim PBO Jason Jacques prepares to appear before a Standing Committee in Ottawa in September. Mr. Jacques said Friday that Ottawa's new fiscal anchors are unlikely to hold.

The interim Parliamentary Budget Officer released a report Friday that includes strong criticism of the Liberal government’s 2025 budget , saying it takes an overly broad definition of capital spending and includes fiscal targets that are unlikely to be met.

One key element of the Nov. 4 budget was a new financial presentation that divides all spending into either operational or capital spending.

The government said this illustrates how it is delivering on Prime Minister Mark Carney’s campaign pledge to “spend less” on day-to-day items in order to “invest more” in capital spending that produces long-term econo

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