PBO sets budget baseline for campaign vows with tools, deficit projections
Posted June 21, 2019 9:31 am.
OTTAWA — Parliament’s spending watchdog is predicting years of deficits deeper than the government has laid out.
The numbers are in a report the parliamentary budget office says should set the baseline for the campaign promises parties will dangle in front of voters this fall.
The PBO estimates that federal books will be in the red by $20.7 billion this year and bottom out at a deficit of $23.3 billion the year after, before improving to a $12.5-billion deficit by 2022.
The numbers are better than the PBO predicted in April but worse than the figures in Finance Minister Bill Morneau’s pre-election budget that forecast deficits between $19.8 billion and $12.1 billion.
The estimates and a new online costing tool are part of PBO efforts to prepare for its role as an independent auditor of each party’s spending plans in the upcoming election campaign.
The watchdog office plans to post cost estimates of campaign promises as the parties announce them before and during the campaign.
The Canadian Press
