Poilievre Calls on Liberals to Cut Spending as Federal Debt Expected to Reach $1.6 Trillion by 2031

Conservative Leader Pierre Poilievre speaks as (L–R) MPs Melissa Lantsman, Amarjeet Gill, Jasraj Hallan, and Roman Baber stand behind him during a press conference at Amsterdam Brewhouse in Toronto on May 3, 2026. The Canadian Press/Arlyn McAdoreyConservative Leader Pierre Poilievre is calling on the Liberals to cap spending and cut bureaucracy as the spring 2026 fiscal update released last week projected that the federal debt will reach $1.63 trillion by 2031.The government of Prime Minister Mark Carney tabled its first spring economic update on April 28, exactly a year after the Liberal Party’s April 28 electoral win in 2025. The update projected a $66.9 billion deficit for the just-completed 2025–26 fiscal year, which is more than $11 billion lower than the $78.3 billion shortfall forecasted in its Budget 2025 published last November.