{"id":53805,"date":"2024-12-10T17:21:08","date_gmt":"2024-12-10T17:21:08","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/12\/10\/freeland-silent-on-meeting-40-1-billion-federal-deficit-pledge\/"},"modified":"2024-12-10T17:21:08","modified_gmt":"2024-12-10T17:21:08","slug":"freeland-silent-on-meeting-40-1-billion-federal-deficit-pledge","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/12\/10\/freeland-silent-on-meeting-40-1-billion-federal-deficit-pledge\/","title":{"rendered":"Freeland silent on meeting $40.1-billion federal deficit pledge"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Finance minister prepares to release fall statement on Dec. 16<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Dec 10, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">2 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"1a43f391-778c-44ce-ad3f-37c10e086fb7\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=7VS9jZoZhTdivWhVgBXGWg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=w7Rrh3GinNfQpwy0VuybUg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=uIxIZf51jOlZQ1Ysq42Y0g,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=Tl__mLapShStE_CKfi0XOw 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=ArNun7loM7CSefcVna90tQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=QEA6gbi33wqbH__Ag-bzmQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=xKglFX2_5lZ_LXgJFQzjQQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=waZT7rE6nmRLt_fn3_5qmQ 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=3GI3A89VHGSho2tltYkYJA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=IbTV9ramyNT3RghnbCyRcA 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Deputy Prime Minister and Minister of Finance Chrystia Freeland will table the fall economic statement on Dec. 16. <\/span> <span class=\"credit\">Photo by Sean Kilpatrick\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Finance Minister Chrystia Freeland is promising her government has met its fiscal anchor of a declining debt-to-GDP ratio for the 2023-24 fiscal year, but would not confirm if it hit its deficit pledge, as it prepares to table its fiscal update on Dec. 16.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">\u201cIn next week\u2019s fall economic statement, you will see that the government is maintaining its fiscal anchor, specifically reducing federal debt as a share of the economy over the medium term,\u201d Freeland said, during a press conference in Ottawa on Tuesday. \u201cI expect that the debt-to-GDP ratio projected in the spring budget for the fiscal year 2023-24 will be met.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3323473056227910872417112971804672\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header 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authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In the spring budget, the federal government projected federal debt would be 42.1 per cent of GDP for 2023-2024, before declining to 41.9 per cent the following year.<\/p>\n<p>In last year\u2019s fall fiscal update, Freeland made three pledges for Canada\u2019s finances. The fiscal anchors included keeping the deficit for the 2023-24 fiscal year at or below $40.1 billion, lowering the debt-to-GDP ratio in 2024-25 and keeping deficits below one per cent of GDP in 2026-27 and in future years.<\/p>\n<p data-async=\"\">The finance minister was pressed on whether the federal government has met its pledge to keep the deficit below $40.1 billion for the 2023-24 fiscal year but provided no details on where the deficit stands. In October, Canada\u2019s budget watchdog \u2014 the Parliamentary Budget Officer (PBO) \u2014 issued a report that Canada had likely surpassed its deficit pledge by over $6 billion.<\/p>\n<p>\u201cIf your debt is declining as a share of the economy, by definition, your fiscal position is sustainable and that is really important,\u201d she said. \u201cWhen it comes to the deficit, Canada has the lowest debt-to-GDP ratio and the lowest deficit in the G7 and that\u2019s important too.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2192884142175230961637748715290624\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Freeland would not say whether the economic statement will include new spending measures. However, a number of new initiatives were announced by the federal government this fall, including a GST\/HST holiday estimated by the PBO to cost $2.7 billion, if provinces ask for compensation on the HST.<\/p>\n<p>The federal government has also made commitments to spend more on resources at the Canada-U.S. border.<\/p>\n<section aria-labelledby=\"moreTopicLabel8787554508605844751978304762806272\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" to=\"\" table=\"\" fall=\"\" economic=\"\" statement=\"\" on=\"\" dec.=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Deputy Prime Minister and Minister of Finance Chrystia Freeland will table the fall economic statement on Dec. 16. &#10;\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=rr_fhWuay0IN7ClAXy4org\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=dT74Res9TnMLMFRM0sCRWw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=rr_fhWuay0IN7ClAXy4org, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=aTL9Np8E7_wFpfjhbFqfrw 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/chrystia-freeland-1209-ph.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=9gO0bixcX6N9vaDzPlC5bQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Ottawa to table fall economic statement on Dec. 16<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" are=\"\" high=\"\" for=\"\" another=\"\" big=\"\" cut=\"\" by=\"\" the=\"\" bank=\"\" of=\"\" canada=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Bank of Canada governor Tiff Macklem during a news conference on the bank's interest rate announcement in Ottawa.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209macklem.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=q0Nh9xsCAVUaEZ_btcLkJA\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209macklem.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=mb--q5FuHa3NkMLG573mUQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209macklem.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=q0Nh9xsCAVUaEZ_btcLkJA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209macklem.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=xOgyrBS4_p9deRQ6C69gTw 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209macklem.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=XThpsHdye-49ZEvsZZbdOg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Bets are high for another big cut by the Bank of Canada<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" jobless=\"\" rate=\"\" hits=\"\" raising=\"\" odds=\"\" of=\"\" jumbo=\"\" cut=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Job seekers attend a job fair in Langford, British Columbia.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/jobs-1206-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=TNJBH9UnPsNgBK8bpQuT7g\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/jobs-1206-ph.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=5AGS0PyFl0XpaEX9frk1Cg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/jobs-1206-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=TNJBH9UnPsNgBK8bpQuT7g, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/jobs-1206-ph.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=md4wet5347rFRFoUyhhI_w 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/jobs-1206-ph.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=jRiAdsVSYwL260GvP2Q24A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada&#8217;s jobless rate hits 6.8%, raising odds of jumbo rate cut<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cYou can\u2019t pick and choose fiscal anchors as you go, and renege on a commitment you made only a year ago,\u201d said Robert Asselin, senior vice president of policy at the Business Council of Canada, in a statement. \u201cThe fact of the matter is this government is losing control of public finances and Canadians are noticing.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: jgowling@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Freeland silent on meeting $40.1-billion federal deficit pledge<\/a><br \/>\n<br \/>2024-12-10 17:21:08<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Finance minister prepares to release fall statement on Dec. 16 Published Dec 10, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 2 minute read You can&#8230;<\/p>\n","protected":false},"author":2,"featured_media":53806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-53805","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=53805"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/53806"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=53805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=53805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=53805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}