Jason Jacques, interim Parliamentary Budget Officer, appears at the Standing Committee on Government Operations and Estimates on Parliament Hill in Ottawa on Sept. 16, 2025. The Canadian Press/Adrian WyldThe Parliamentary Budget Office (PBO) has released its latest report on Budget 2025, and it questions some of the government’s key fiscal assumptions.Interim PBO Jason Jacques said in September that his office estimated the budget’s projected deficit would be $68.5 billion, adding that Canada’s fiscal trajectory was “unsustainable” and “shocking.” The deficit for 2025 given in the Nov. 4 budget is $78.3 billion.
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